ATW Daily News
Shanghai Airlines reports smaller third-quarter loss
Wednesday November 4, 2009Shanghai Airlines suffered a CNY42.7 million ($6.2 million) loss in the third quarter, narrowed 90.2% from a CNY437.5 million deficit in the year-ago period.
Operating revenue jumped 14.9% to CNY3.62 billion while expenses rose 6% to CNY3.81 billion. SAL cited a decline in passenger boardings caused by the global financial crisis, stricter security measures taken prior to China's Oct. 1 national holiday and falling fares as the culprits.
It also cited a CNY50 million loss at its Shanghai Airlines Cargo International subsidiary. SAL holds a 55% stake of SAL Cargo and injected CNY110 million into the carrier in August.
The comapny's nine-month loss of CNY133.9 million compared to a CNY432.3 million deficit in the first nine months of 2008. Revenue fell 10.9% to CNY9.06 billion.
by Katie Cantle
Other headlines:
- 747-8 completes first flight one day shy of 41st anniversary of original 747 flight
- IATA: Airline CFOs confident demand, profitability will continue to improve
- FAA seeks comment on new pilot certification proposals
- Thai approves lease of 15 widebodies
- UPS to begin furloughing 300 pilots in May absent new agreement
- HNA Group to launch new Beijing airline
- Flight recorders recovered from downed Ethiopian 737
- Short-term improvement will not stop 'record' full-year loss at BA
- Steven Udvar-Hazy retires from ILFC
- Finnair annual loss doubles to €102 million
ATW Media Group
If you have a technical question about this site, please contact the Webmaster
Privacy Statement ·
Terms of Use ·
Digital Dropoff ·
Media Kit
Copyright ©2010 Penton Media, Inc.
XML
Podcasts
