China Eastern Airlines Corp Ltd reported a 38% drop in third-quarter net profit on Friday, dragged down by a weakening yuan and rising fuel and debt costs.
China Eastern said net profit attributable to shareholders dropped to 2.2 billion yuan ($317 million) in the July-to-September period, from 3.6 billion yuan a year earlier, although revenue rose 13.5% to 33.5 billion yuan.
For the first nine months of the year, net profit was down 43.3% from a year earlier to 4.5 billion yuan.
The yuan has fallen by about 6 percent against the U.S. dollar since the start of this year, pushing up financing costs at airlines which have bought planes with mainly U.S. dollar-denominated loans.
Read Original Article