(MENAFN- QNA) China Eastern Airlines, one of the country's leading carriers, has posted a net profit drop of 97.76% in the first half of 2014, compared to the same period of the previous year. from the same period last year in the first half of 2014, China's News Agency (Xinhua).
With a net profit of 14 million yuan ($2.28 million), the company registered a business revenue of 42.59 billion yuan ($6.93 billion) in the first six months, according to a statement it filed to the Shanghai Stock Exchange. The revenue was a 2.68% increase from the same period last year, the carrier added in its statement.
It attributed the lackluster performance to "geopolitical instability, fewer high-end business travelers, and more convenient high-speed railway services."
The airline foresees both opportunities and challenges in the second half of this year due to a mixed picture consisting of "uncertainties in global economic recovery, continuous growth in China's airline market, and fierce competition."
The Shanghai-based carrier has 485 planes, including 459 passenger ones, 12 cargo, and 14 corporate jets under its trusteeship.
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