Shanghai Airlines flew into the black in the first half of this year on rising traffic and a government subsidy.
Its net income was RMB23.41 million ($3.41 million), or RMB0.022 a share, in the six months against a loss of RMB134.51 million a year earlier. Its revenue grew 26% to RMB7.03 billion.
It attributed the growth to booming traffic during the period. The Shanghai-based carrier flew 4.88 million passengers in the first half, a rise of 14.07% from a year earlier, and it carried 8.9% more cargo at 1.66 million tons.
Tao Wei, an analyst with China International Capital, said, ‘The carrier’s profit is better than our expectations in the first half, but its load factor on international routes was only 60%, much lower than the average.’
The carrier also started flying on eight new routes in the first six months, including chartered flights from Shanghai Pudong International Airport to Songshan Airport in Taiwan.
Source: China View