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China Eastern Airlines Corp Ltd said it expects to book a net loss for the first nine months of 2008 under Chinese accounting standards. The airline said in a statement to the Shanghai Stock Exchange that its operations had deteriorated significantly in the third quarter due to a slowing aviation market and a dramatic fall in transport demand from a year earlier.
The upward adjustment in the price of jet fuel also led to a significant increase in operating costs, China Eastern said. In late June, the National Development and Reform Commission (NDRC) announced to raise jet fuel by CNY1,500 per ton.
In addition, there are clear signs that the global economic downturn and declining aviation demand are likely to persist in the near term, China Eastern added.
In the first nine months of 2007, the company booked a net profit CNY1.035 billion, or CNY0.213 per share. China Eastern is due to release its third quarter financial results on 29-Oct.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales. She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
