Taiwan’s two largest carriers were in the black for 2021, helped a significant jump in revenue during the year.
While China Airlines continued its profitable streak for another year, compatriot EVA Air bounced back from the red to post a full-year operating profit of around NT$10.4 billion ($363 million).
This compares to the NT$827 million operating loss it reported for 2020.
Revenue for the year rose 16.6% to NT$104 billion, offsetting a 4% rise in costs and expenses to around NT$93.5 billion.
The Star Alliance carrier reported a net profit of NT$6.6 billion, compared to 2020’s NT$3.4 billion net loss.
As for China Airlines, it posted an operating profit of nearly NT$15 billion, a significant jump from the NT$2.2 billion full-year profit in 2020.
Revenue in 2021 grew 20.5% to NT$139 billion, while costs and expenses only inched up 9.6% to NT$124 billion.
China Airlines also reported a large increase in net profit for the year, at nearly NT$9.4 billion, against 2020’s NT$140 million net profit.
Neither carrier provided a discussion about their results, but have previously pointed towards a robust cargo market among reasons for better financial performance in the year.
China Airlines, for instance, said in January that cargo revenue accounted for NT$100 billion of its full-year takings — the highest in its 62-year history.
The carrier has pivoted to what it calls a “cargo-centric business model” as passenger travel demand remained weak during the pandemic. In 2021, the airline mounted around 540 cargo flights a month, averaging around 120 flights weekly.
EVA Air, meanwhile, announced it would be converting three Boeing 777-300ERs into freighters, a move it says will increase its freighter capacity by 10%, and “adjust the proportion of passenger and freight revenue and enhance the company’s overall competitiveness”.