China Eastern Airlines News
Back to black for China Eastern
Fuel hedging gains have helped China Eastern Airlines return to profitability in the first half, despite a 15.6 percent slump in revenue. The airline also remained bullish for the second half, saying economic growth in China remained strong and that it would benefit from World Expo which is being held in Shanghai next year.
China Eastern buys Shanghai Airlines
China Eastern Airlines has bought its rival Shanghai Airlines for Rmb9bn ($1.3bn) as it bids to become China’s largest airline with dominance in Shanghai as an aviation hub. The state-controlled airline, currently China’s third largest carrier, said it would raise about Rmb7bn by issuing new shares to strengthen its balance sheet.