China Eastern Airlines' Q3 profit slumps 38%
China Eastern Airlines reported a 38% drop in Q3 net profit Friday, dragged down by a weakening yuan and rising fuel and debt costs. While Chinese airlines have seen revenue surge in tandem with growing travel demand, their costs have been recently by rebounding oil prices and a volatile currency. China Eastern said net profit attributable to shareholders dropped to CNY2.2b (US$317m) in the July-to-September period, from CNY3.6b a year earlier, although revenue rose 13.5% to CNY33.5b. For the first 9 months of the year, net profit was down 43.3% from a year earlier to CNY4.5b. The yuan has fallen by about 6% against the US dollar since the start of this year, pushing up financing costs at airlines which have bought planes with mainly US dollar-denominated loans. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2018-10-29/sky/china-eastern-airlines-q3-profit-slumps-38
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China Eastern Airlines' Q3 profit slumps 38%
China Eastern Airlines reported a 38% drop in Q3 net profit Friday, dragged down by a weakening yuan and rising fuel and debt costs. While Chinese airlines have seen revenue surge in tandem with growing travel demand, their costs have been recently by rebounding oil prices and a volatile currency. China Eastern said net profit attributable to shareholders dropped to CNY2.2b (US$317m) in the July-to-September period, from CNY3.6b a year earlier, although revenue rose 13.5% to CNY33.5b. For the first 9 months of the year, net profit was down 43.3% from a year earlier to CNY4.5b. The yuan has fallen by about 6% against the US dollar since the start of this year, pushing up financing costs at airlines which have bought planes with mainly US dollar-denominated loans. <br/>
