EVA Airways Corp (長榮航空), the nation’s second-largest carrier, yesterday reported its highest quarterly profit in more than five years, with net income rising to NT$1.25 billion (US$40 million), or NT$0.42 a share, in the first three months of the year, from NT$200 million, or NT$0.09, a year earlier.
First-quarter sales climbed 38 percent to NT$23.1 billion, the Taoyuan-based company said in a stock exchange filing.
EVA Airways carried 17 percent more passengers in the first quarter as air travel rebounded after the worst recession in more than six decades.
Larger rival China Airlines Ltd (CAL, 中華航空) reported a record first-quarter profit.
“EVA’s earnings are turning around this year,” said Bruce Tsao (曹伯瑄), an analyst at Capital Securities Corp (群益證券), who has a “buy” rating on the shares.
EVA Airways shares closed unchanged at NT$15.40 in Taipei trading yesterday.
The airline carried 1.64 million passengers in the first quarter, compared with 1.4 million a year earlier, according to Bloomberg calculations of data provided by the company.
Increased flights between Taiwan and China also boosted the numbers and added to profit, Tsao said.
EVA Airways plans to sell 500 million new shares, the company said in a separate filing.
Proceeds will be used to repay bank loans and strengthen finances, the carrier said.
The carrier raised freight charges from 20 percent to 30 percent on average on Saturday last week, said Eric Lin (林司忠), a public relations manager for the carrier.
Last year, the airline reported a loss of NT$2.84 billion, or NT$1.14 a share, narrower than a loss of NT$16.9 billion, or NT$7.49 a share, in 2008, a company filing said.
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