Cargo unit flies into Q1 profit
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China Eastern Airlines' cargo unit flew into a profit in the first quarter of this year for the first time since 2005, bolstered by the recovery in air freight demand and cooperation with Shanghai Airlines.
Revenue of China Cargo Airlines soared 95.2 percent through March from a year earlier, and cargo volume jumped 43.4 percent, the company said in an e-mailed statement yesterday.
"Construction of the World Expo reached a peak in the first quarter as several nations flew their exhibition items to Shanghai. We expect the airport to host more cargo flights this month," the statement said.
Cargo turnover at Shanghai Pudong International Airport surged 82.8 percent in January and 44.3 percent in February from a year earlier, recovering to the average level before the global financial crisis took its impact, according to the civil aviation regulator.
In March, Pudong airport handled more than 3,000 cargo flights, a rise of 35 percent from February and hitting a record high.
China Cargo Airlines is one of three freight carriers under Shanghai-based China Eastern after it bought its smaller rival, Shanghai Airlines.
China Eastern operates two Boeing 777 jets linking China with Europe and the United States to meet rising demand due to the World Expo.
