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China Eastern expects profit in 3 years

(Xinhua)
Updated: 2009-02-04 11:40

General Manger of the flailing airliner China Eastern, Liu Shaoyong, said on Tuesday that the chances of rounding the corner would be very slim in 2009 given gloomy external economic forecasts, but he was confident the company would turn a profit in three years.

Reducing losses is the most vital task this year. The company launched measures to improve cost efficiency, including limiting new aircraft purchases, optimizing flight routes and cutting capital investment, Liu said.

Related readings:  China Eastern gets $1.46b credit line  China Eastern to sell 30% of Happy Air  China Eastern books huge fuel-hedging loss  China Eastern to get 7b yuan injection

Weak demand, which is worse than the rocketing oil prices, will continue to haunt the aviation market in 2009. The international aviation business is set to fall given the global economic downturn, according to Liu.

He hoped the company could get more capital injection from government to help it weather the hardships.

Runaway oil prices and lackluster demand squeezed profit from the Shanghai-based company. The situation became worse after the company reported 6.2 billion yuan ($906 million) unaudited loss in the fair value of fuel hedging contracts by the end of 2008, as global crude oil prices plunged 70 percent by the end of December from a record high of $147.27 in July 2008.

The asset liabilities ratio of the company stood at 100 percent in 2008. The business volume during the Spring Festival holiday contracted 18 percent year-on-year, Liu said.

Despite of the difficulties, the company had no plan to lay off employers, and vowed to increase 13,600 jobs this year.

The aviation industry plays a vital role in promoting employment and economic growth, as well as improving people's lives, said Liu.

He said the company would turn to salary cuts rather than firing employers to get through the economic hardships.

According to the international standard, 6.8 jobs can be created for each seat that is added. As the company plans to increase 2,000 seats onboard, about 13,600 jobs will be made, Liu said.

Liu was confident of the overall growth for the Chinese aviation industry. As government's economic stimulus package begins to take effect, the aviation sector is likely to register a 10 percent growth in 2009.