Source: Dow Jones Newswires Author: Joy C. Shaw, Rose Yu 07/16/2009
Subject Concerned: Airlines Aviation Fuel
China Eastern Airlines Corp. (CEA) said on Jul. 16 that gains from its fuel-hedging contracts as of Jun. 30 would increase its profit for the first half by 2.74 billion yuan.
The airline didn't say whether it refers to January-June net profit or pre-tax profit. It is scheduled to report its half-year earnings on Aug. 9.
China Eastern said global oil prices rose 56.7% between Dec. 31 and Jun. 30.
The airline previously said it had booked revaluation gains of 422.0 million yuan in its fuel-hedging contracts for the first quarter on higher international oil prices.
The company recorded revaluation losses of 91.6 million yuan on fuel hedging in the same period in 2008.