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  • Shandong Airlines' first quarter profit down 88%

Shandong Airlines' first quarter profit down 88%

Shandong Airlines saw its first quarter profits tumble by 88% to CNY38.4 million ($5.7 million).

For the quarter ended 31 March, the Jinan-based carrier saw costs go up 8.4% to CNY4.6 billion, while revenue grew by a smaller 3% to CNY4.63 billion.

Attributable net profit plunged 86.3% to CNY34 million, says the airline says in a Shenzhen Stock Exchange disclosure.

Cash and cash equivalents as of 31 March 2019 stood at CNY1.01 billion, up from CNY794 million it had on the same date a year ago.

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