July 13, 2012
China Eastern Airlines, one of China's three biggest carriers, issued a profit warning on Friday, estimating its first half net profit to have fallen by more than 50 percent.
China Eastern said in a statement to the Shanghai stock exchange that the firm's poor results were due to weak passenger and cargo demand as well as rising jet fuel costs.
China Southern, the country's largest airline by fleet size, said on Tuesday that it expects its first-half net profit to fall more than 50 percent from a year earlier on slower domestic economic growth and higher jet fuel prices.
