China’s three main state-owned airlines report third-quarter profits surged as an economic recovery helped to boost travel.
China Southern Airlines, the country’s biggest carrier by passenger numbers, said profit for the quarter ending September 30 was RMB284 million ($41.6 million).
That compared with a loss of RMB830 million for the same period of 2008, when Chinese carriers were hit by record-high fuel prices and a decline in travel amid the global economic crisis.
China Southern and rivals Air China Ltd. and China Eastern Airlines Ltd. all reported that third-quarter revenue rose and costs fell as fuel prices eased.
MSN Money reported, quoting from AP, that travel was boosted by a rebound in China’s economic growth, which accelerated to 8.9% in the third quarter over a year earlier.
Air China said quarterly profit jumped to RMB884 million from a RMB1.94 billion loss in the same period last year.
China Eastern Airlines in Shanghai reported a quarterly profit of RMB23 million. That was an improvement over China Eastern’s record-setting RMB2.33 billion loss in the same period of 2008.