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"The global financial crisis has worsened and international crude oil prices have continued to fall sharply," the airline said in a statement filed with the Shanghai Stock Exchange.
The company said the loss from the contract settlement will not have a material effect on cash flow.
The contracts were entered into as a hedge against prices turning higher. When fuel prices fell late in the year was possible to generate savings by buying on the spot market while taking a loss on the contract fuel.
The airline said further fair value declines are possible on hedging contracts as prices continued to fall in December.
Last month, the company said fair value losses on its jet fuel hedging contracts stood at about 1.83 bln yuan at the end of October.
A-shares of China Eastern closed down 3.65 pct at 4.49 yuan yesterday.
(1 usd = 6.85 yuan)
zachary.wei@xfn.com
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