Wednesday Jun 25 2008
All times are Beijing time
All times are Beijing time
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Chinese carriers face 25% fuel price increase
Published: Jun 25, 2008
Chinese government last week raised the domestic fuel price more than 25% to CNY7,450 ($1,082) per ton, which China Securities aviation analyst Li Lei reported would lead to a CNY3.6 billion increase in annual expenses for China Southern Airlines--which operates the largest domestic network--a CNY1.8 billion rise for Air China, CNY2.2 billion for China Eastern Airlines and CNY700 million for Hainan Airlines. However, Li said the increase will not have a significant influence on second-quarter financial performance, as yuan appreciation will continue to drive profits. However, he said the second-half outlook is "less optimistic" owing to fuel costs and "declining" domestic demand. Airlines plan to follow their fuel surcharge increase on international routes with a domestic increase. CZ Chairman Liu Shaoyong said yesterday that CZ, CA and CEA applied for the right to boost domestic charges by 33.3% to CNY80 on routes shorter than 800 km. and by 50% to CNY150 on longer flights.
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