Juneyao 2018 net profit dips 7.7% on currency rates, high fuel costs
China’s Juneyao Airlines reported a 2018 net profit of CNY1.2b (US$174.5m), down 7.7% from CNY1.3b in 2017. This was the first time the company's profits have dipped since 2012. After deducting non-recurring gains and losses, the net profit further fell 19.1% year-over-year to CNY943.7m. Juneyao’s results were remarkably better than China’s “Big 3” major state-owned carriers, which all saw profits drop by more than 50%. Juneyao said its total revenue was up 15.8% YOY to CNY14.3b; however, the company did not reveal operating costs in its annual report. The carrier said bank interest rates, devaluation of the Chinese currency against the greenback and rising fuel prices had a direct impact on the company. As China relies heavily on oil imports, the weak yuan against the US dollar pushed the cost for jet fuel higher. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2019-04-15/unaligned/juneyao-2018-net-profit-dips-7-7-on-currency-rates-high-fuel-costs
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Juneyao 2018 net profit dips 7.7% on currency rates, high fuel costs
China’s Juneyao Airlines reported a 2018 net profit of CNY1.2b (US$174.5m), down 7.7% from CNY1.3b in 2017. This was the first time the company's profits have dipped since 2012. After deducting non-recurring gains and losses, the net profit further fell 19.1% year-over-year to CNY943.7m. Juneyao’s results were remarkably better than China’s “Big 3” major state-owned carriers, which all saw profits drop by more than 50%. Juneyao said its total revenue was up 15.8% YOY to CNY14.3b; however, the company did not reveal operating costs in its annual report. The carrier said bank interest rates, devaluation of the Chinese currency against the greenback and rising fuel prices had a direct impact on the company. As China relies heavily on oil imports, the weak yuan against the US dollar pushed the cost for jet fuel higher. <br/>
