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China Eastern Airlines Releases 2008 Annual Results

05/05/2009| 8:44:04 PM|

April 28, 2009: China Eastern Airlines Corporation Limited has released its 2008 annual report which shows a net loss of nearly CNY14 billion.

April 28, 2009: China Eastern Airlines Corporation Limited has released its 2008 annual report which shows a net loss of nearly CNY14 billion.

The operating income of 2008 was CNY41.842 billion, representing a decrease of 3.9% over 2007, with net loss CNY13.928 billion. The airline´s total liabilities reached CNY84.249 billion, of which current liabilities were CNY54.076 billion, an increase of CNY18.200 billion over the previous year; non-current liabilities were CNY30.120 billion, an increase of CNY2,700 million.

The international air transport market has shrunken due to the global financial crisis, inflicting heavy losses on the company´s international business. Domestic market also suffered in the fierce competition caused by the impact of serious natural disasters, emergencies and the financial crisis.

Earlier China Eastern Airlines has signed a development finance agreement with China Development Bank, under which CDB will offer CNY30 billion to China Eastern as financing.
TAGS: China Eastern Airlines
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