China’s big three airlines see Q3 profits surge

Shanghai / AFP

China’s three biggest airlines all reported surging net profits in the third quarter, statements showed, as the country’s economy stablises.
Net profit for China Southern, Asia’s biggest airline by fleet size, leaped to 3.31 billion yuan ($425.1 million) in the three months to September, nearly three times the 1.18 billion yuan made in the same period last year, it said in statement to the Hong Kong exchange.
Increasing demand for air travel among China’s growing middle class is expected to make it the world’s biggest aircraft market in the coming years, and its airlines have benefited from low fuel prices.
China’s economic growth was stable at 6.7 percent in the third quarter, according to official figures, the same as the previous two.
The country’s two other big airlines also reported soaring profits in the period. Shanghai-based China Eastern Airlines said in an exchange statement its net profit almost doubled year-on-year to 3.46 billion yuan.
The country’s flag carrier, Air China, said that its third-quarter net profit jumped 61.69 percent year-on-year to 3.77 billion yuan.