China’s three largest airlines are likely to report their strongest annual profits in years this week, as soaring travel demand and foreign exchange gains more than make up for a drop in income-per-passenger and the rising cost of fuel.
Analysts estimate China Southern Airlines, the country’s largest carrier by passenger numbers, will report net income on Monday of about 6.4 billion yuan ($1.01 billion), its highest in 11 years as a listed firm, showed data from Thomson Reuters.
Later in the week, Air China is expected to report its biggest profit since 2010, and China Eastern Airlines is forecast to book its best result since at least 1996.
Driving profit is a tourism boom which saw more than 5 billion domestic trips made last year, 12.8 per cent over 2016, plus 129 million overseas trips, up 5.7 per cent, showed data from the China National Tourism Administration.
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Read more:
AirAsia CEO aims to put airline on a new trajectory
Chinese competition tough on aircraft lessors
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Foreign exchange gains are also likely to add "a few billion yuan" to each carrier's earnings, analysts said. The yuan has risen about 10 per cent in value against the US dollar since the start of 2017. This has helped cut the cost of financing aircraft purchases with dollar-denominated loans.
“[Profits] are likely to be very strong,” said Daiwa Securities analyst Kelvin Lau in Hong Kong. “But the major focus will be more on how the yields - especially now with fuel costs coming up - can mitigate cost impact.”
The rate at which the airlines have bought planes and opened less-profitable international routes has outpaced passenger growth, impacting returns. China Southern, for instance, reported a passenger yield of 0.50 yuan per revenue passenger kilometre in 2016, from 0.67 yuan in 2011.
As of June, the three carriers had a combined fleet of owned and leased aircraft of 1,924 planes, from 1,868 at the same time a year earlier. International routes opened last year include Guangzhou-Vientiane and Shanghai-Cebu.
Rising prices of jet fuel, airlines’ single largest cost, is also eating into profits. As of March 16, the price has risen 28 per cent year-on-year to $78.2 per barrel, showed the International Air Transport Association’s jet fuel price monitor.
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Need to know
The flights: Flydubai flies from Dubai to Kilimanjaro airport via Dar es Salaam from Dh1,619 return including taxes. The trip takes 8 hours.
The trek: Make sure that whatever tour company you select to climb Kilimanjaro, that it is a reputable one. The way to climb successfully would be with experienced guides and porters, from a company committed to quality, safety and an ethical approach to the mountain and its staff. Sonia Nazareth booked a VIP package through Safari Africa. The tour works out to $4,775 (Dh17,538) per person, based on a 4-person booking scheme, for 9 nights on the mountain (including one night before and after the trek at Arusha). The price includes all meals, a head guide, an assistant guide for every 2 trekkers, porters to carry the luggage, a cook and kitchen staff, a dining and mess tent, a sleeping tent set up for 2 persons, a chemical toilet and park entrance fees. The tiny ration of heated water provided for our bath in our makeshift private bathroom stall was the greatest luxury. A standard package, also based on a 4-person booking, works out to $3,050 (Dh11,202) per person.
When to go: You can climb Kili at any time of year, but the best months to ascend are January-February and September-October. Also good are July and August, if you’re tolerant of the colder weather that winter brings.
Do not underestimate the importance of kit. Even if you’re travelling at a relatively pleasant time, be geared up for the cold and the rain.
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The Perfect Couple
Starring: Nicole Kidman, Liev Schreiber, Jack Reynor
Creator: Jenna Lamia
Rating: 3/5
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WHAT IS GRAPHENE?
It was discovered in 2004, when Russian-born Manchester scientists Andrei Geim and Kostya Novoselov were experimenting with sticky tape and graphite, the material used as lead in pencils.
Placing the tape on the graphite and peeling it, they managed to rip off thin flakes of carbon. In the beginning they got flakes consisting of many layers of graphene. But when they repeated the process many times, the flakes got thinner.
By separating the graphite fragments repeatedly, they managed to create flakes that were just one atom thick. Their experiment led to graphene being isolated for the very first time.
In 2010, Geim and Novoselov were awarded the Nobel Prize for Physics.
MATCH INFO
Rajasthan Royals 158-8 (20 ovs)
Kings XI Punjab 143/7 (20 ovs)
Rajasthan Royals won by 15 runs
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THE SPECS
Engine: Four-cylinder 2.5-litre
Transmission: Seven-speed auto
Power: 165hp
Torque: 241Nm
Price: Dh99,900 to Dh134,000
On sale: now
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Israel Palestine on Swedish TV 1958-1989
Director: Goran Hugo Olsson
Rating: 5/5
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MATCH INFO
Uefa Champions League semi-finals, second leg:
Liverpool (0) v Barcelona (3), Tuesday, 11pm UAE
Game is on BeIN Sports
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