Publish Time:2017-04-13 10:24:02Source:http://travelweekly-china.com
【Introduction】:China s weakening yuan cut USD 1.6 billion from profits earned by the country s three largest airlines last year, denting a sector whose fortunes have risen on the back of the country s travel boom.
China's weakening yuan cut USD 1.6 billion from profits earned by the country's three largest airlines last year, denting a sector whose fortunes have risen on the back of the country's travel boom.
Air China , China Eastern Airlines and China Southern Airlines all missed analyst expectations on Thursday, with their foreign exchange losses totalling RMB 11.04 billion (USD 1.6 billion).
The three airlines reported a combined profit of RMB 16.38 billion (USD 2.37 billion) in 2016.
The airlines have aggressively ordered new aircraft to take advantage of strong travel demand from China, the world's fastest growing aviation market. However the loans they took for these purchases were mainly denominated in U.S. dollars.
This exposed them to depreciation of the yuan which lost 6.6% of its value against the surging dollar last year in its biggest annual fall since 1994.
Air China posted a 0.6% rise in full-year profits attributable to shareholders while China Eastern's dipped 0.7%. China Southern reported a nearly 30% rise in its profits attributable to shareholders.
Key figures of the three airlines in 2016
Air China's net profit attributable to shareholders rose 0.6% YoY to RMB 6.8 billion (USD 987.22 million), falling short of a 7.35 billion yuan forecast earlier. Revenue rose 4.6% to RMB 114 billion.
China Southern Airlines reported that its net profit attributable to shareholders climbed 29.9% to RMB 5.06 billion (USD 734.50 million), its strongest performance since 2011. Revenue rose 2.95% to RMB 114.8 billion.
China Eastern Airlines saw a 0.7% dip in net profit attributable to shareholders to RMB 4.51 billion (USD 653 million). Revenue rose 5.03% to RMB 98.56 billion.
Vietnam-China tourism, trade fair to be...
Qatar Airways and IndiGo to Work...
Poland Becomes First Country in 5 Years...
China’s travel service platform...
2019 NYC Winter Lantern Festival to...
The 2019 International Mountain Tourism...
Trip.com Group and TripAdvisor announce...
WTCF delegates attended the 2019 World...
China-U.S. forum calls for closer...
Providing a platform for communication:...
Head of Visit Finland Paavo Virkkunen:...
WTCF Helsinki Fragrant Hills Tourism...
WTCF Participates in the Beijing Expo...
“Discover Moscow Dialogue on Tourism...
Florence| Victoria| Torino| Sevilla| Chinese Friendly International| Innova TaxFree Group| World Travel & Tourism Council| World Tourism Organization| Pacific Asia Travel Association| Beijing Tourism Development Commission| UN| WINTAC Business Development GmbH| WEN WEI PO| Via Hansa| TUI AG| The Beijing News| Taikang Life Insurance Co.| Skyscanner| Sina.com| Shanghai Spring International Travel Service| MasterCard| Kuoni| Kempinski Hotels| JTB| Okura Nikko Hotel Management Co., Ltd.| ICBC| Hong Kong Airlines| HanaTour| Four Seasons Hotels and Resorts| DFS| Ctrip.com| Costa Crociere S.p.A.| Club Med| Chinese National Geography| China UnionPay| China Travel Service| China Southern Airlines| China News Service| China International Travel Services| China Daily| CYTS| CCTV| China Association of Private Equity| Chengdu Shuangliu International Airport| Carnival Corporation & Plc| Capital Airports Holding Company| CAISSA| BTG International Travel & Tours| Beijing UTour| Beijing Tourism Group| Beijing Gongmei Group| Beijing Capital International Airport| American Tours International| American Express| America Asia Travel Center Inc.| Air China| Abercrombie & Kent| Zurich| Zhangjiajie| Yangzhou| Xiamen| Xi’an| Wuhan| Wellington| Washington| Wales| Vienna| Veliko Tarnovo| Vancouver| Valletta| Toronto| Tianjin| Thessaloniki| Tel Aviv-Yafo| Taiyuan| Sofia| Athens| Shanghai| Seoul| Sapporo| Sanya| San Francisco| Rome| Riga| Rabat| Qingdao| Prague| Pomorie| Plovdiv| Penang| Paris-Île de France| Ottawa| Nicosia| Nice| Nanjing| Mudanjiang| Moscow| Monterrey| Minsk| Milan| Marigot| Macao| Luoyang| Los Angeles| London| Lisbon| Kunming| Kathmandu| Jiaozuo| Jakarta| Houston| Hong Kong| Helsinki| Harbin| Hangzhou| Hamburg| Gwangju| Guangzhou| Geneve| Fez| Edinburgh| Dublin| Dubai| Dalian| Copenhagen| Colombo| Chongqing| Chengdu| Casablanca| Cairo| Busan| Buenos Aires| Budapest| Brussels| Boston| Berlin| Beijing| Barcelona| Bangkok| Bandung| Astana| Amsterdam| Altay| Almaty
E-Mail Login|Contact Us|Careers|Legal disclaimer
世界旅游城市联合会版权所有 备案号:京ICP备19050424号-1
Our legal counselors: lawyer Song Yunfeng & lawyer He Wen, both from Dacheng Law Offices