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China Eastern Airlines expects 50% plunge in H1 profit

Jul. 16, 2012 (China Knowledge) - China Eastern Airlines Co Ltd<600115><0670>, the country's third-largest carrier, announced last Friday that it expects its net profit to drop over 50% YoY in the first half of this year.

In the first half of 2011, China Eastern Airlines realized RMB 2.45 billion in net profit and basic earnings per share for the period were RMB 0.22.

The air carrier said that the huge decline in net profit is mainly due to the weak market demand and the increase in aviation fuel price.

In April this year, the company reported that its operation revenue rose 6.4% YoY to RMB 19.32 billion in the first quarter of 2012. However, the net profit for the period exceeded RMB 267 million, reflecting a Y-o-Y decrease of 73.68%, source reported.

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