Losses of China's civil aviation industry are estimated at over 400 million yuan (US$48.37 million) in the first half of this year after the country's major airlines reported dropping profits and increasing economic losses one after another.
The Beijing-based Economic Information Daily said on Thursday that the Eastern China Airlines, Southern China Airlines, as well as Shandong Airlines and Hainan Airlines, reported losses in the January-June period of this year.
The airlines blamed their declining profits to the rising cost of fuel, which rose nearly by 800 yuan (US$97) per ton to reach 4,920 yuan (US$607) per ton in the domestic market, according to the paper.
The gross profit of the Hainan Airlines in southern China's Guangdong Province, for example, saw a year-on-year fall of 50 percent.
Only the national carrier, Air China, reportedly earned profits. However, it also claimed that compared with the same period of last year, its transportation cost rose sharply due to high oil prices.
(Xinhua News Agency July 22, 2005)
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