SHANGHAI - FLAG carrier Air China warned on Thursday it expected to post a loss for the first three quarters after being battered by disasters, high fuel costs and low passenger numbers.
India's second largest airline flies into losses
NEW DELHI - INDIA'S second-largest carrier Kingfisher
Airlines reported on Thursday a loss of US$37 million for the nine months to March, days after tying up with the country's biggest airline in a bid to staunch red ink.
Kingfisher, owned by liquor baron Vijay Mallya, said its net losses narrowed to 1.88 billion rupees (S$54.75 million) from a loss of 2.44 billion rupees in the year earlier period.
The state-owned airline said its third quarter results, due for release on October 29, would be lower due to the global financial crisis, the Sichuan earthquake and disruptions related to the Beijing Olympics, in a statement to the Shanghai Stock Exchange.
The warning was the latest indication that the year, which began on a high with Air China joining Star Alliance of international carriers and being the official Olympic carrier, would end badly.
The airline's first half net profit was down 20.7 per cent from last year at 1.2 billion yuan (S$261 million).
Air China shares were down 6.36 per cent in Shanghai on Thursday afternoon at 4.86 yuan.
Airline chairman Kong Dong said in August high oil prices and the global economic slowdown would affect business for the rest of the year and into 2009.
The Olympics also proved disappointing for airlines since the government imposed stricter visa policies and beefed up security, prompting many Chinese and foreigners to stay at home. -- AFP
