Chinese airlines doing better than foreign competitors
August 29, 2011 Category Travel, Weekly
China Southern Airlines, which generates 80% of its revenues on domestic routes, posted a 33.3% increase in first-half net profit to CNY2.76 billion. Sales rose 22% to CNY42.4 billion, of which 92% was from its passenger division. Passenger yield rose 10% year on year, while passenger numbers rose 6.1% to 38.4 million. Cargo revenue, which accounted for 6.7% of total sales, increased 13% to CNY2.8 billion. “The uncertainties in the global economy are looming, though the market outlook for the domestic market still remains pleasant,” the company said. Competitor Air China said net profit fell 12% to CNY4.06 billion. Chinese carriers outperformed most of their peers in the region because of the country’s economic growth. Passenger numbers at Air China rose 7.4% year on year to 23.7 million in the first half, with domestic traveler numbers increasing by 8.5%. International passenger growth was stalled by the tsunami and nuclear crisis in Japan in March. The number of international passengers only inched up by 0.1%, to 3.1 million in the first six months of the year.
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