Shanghai Airlines forecasts loss for H1

Tue. August 04, 2009; Posted: 04:08 AM

BEIJING, Aug 04, 2009 (Xinhua via COMTEX) -- SAHIF | Quote | Chart | News | PowerRating -- Shanghai Airlines (600591.SH) forecasted Tuesday that it would incur loss for the first half of this year, due to the sluggish aviation market in the period.

Shanghai Airlines noted that affected by the global financial crisis and the influenza A/H1N1, the aviation market was sluggish in the first half of this year. The revenue of air transportation, cargo transportation in particular, saw a plunge in the first half.

Shanghai Airlines' holding subsidiary Shanghai Airlines Cargo Intl, Co. Ltd cast big side effect to the profit making of Shanghai Airlines in the first half, the company said.

Shanghai Airlines now is under negotiation with China Eastern Airlines (CEA.NYSE; 00670.HK; 600115.SH) on restructuring. The two airlines based in Shanghai both incurred heavy loss in 2008. Shanghai Airlines reported loss of 1.249 billion yuan and China Eastern reported loss of 14.046 billion yuan in the year.

Zhou Chi, board chairman with Shanghai Airlines, earlier noted that the restructuring issue between Shanghai Airlines and China Eastern would still take several months, and the specific scheme is under discussion and formulation at present.

Zhou also disclosed that Shanghai Airlines will turn as an independent subsidiary of China Eastern after the restructuring and its independent legal person status will be kept.

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