(MENAFN) China's state-owned airlines reported a turbulent year, warning of sluggish first-half earnings, Gulf News reported.
Air China, China Eastern and China Southern have all issued profit warnings, citing foreign exchange losses from the renminbi's unexpected weakening earlier this year.
Last month, Air China said it forecasts a first-half profit of less than USD8 million compared with a profit of USD94.64 million for the same period in 2013.
"Most of the negative foreign exchange impact comes from the balance sheet and the mark-to-market of their US dollar debt," an aviation analyst said.
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