EVA Airways Corp (長榮航空) and China Airlines Ltd (中華航空), the nation’s two major airlines, reported accelerated revenue growth in the third quarter compared with the previous two quarters, thanks to robust air cargo business.
EVA Airways yesterday said sales for last quarter rose 40 percent year-on-year to NT$25.81 billion (US$917 million), compared with an increase of 25 percent in the second quarter and a fall of 35 percent in the first quarter.
China Airlines said sales grew 39 percent to NT$34.6 billion in the third quarter, after gaining 10 percent in the second quarter and falling 14 percent in the first quarter.
Photo courtesy of Taoyuan International Airport Corp
EVA Airways said its cargo revenue totaled NT$20.58 billion in the third quarter, up 62 percent from NT$12.71 billion a year earlier, even though last month it had to halt its cargo service to Chicago as three of its pilots were infected with COVID-19.
The flight to Chicago was one of the airline’s busiest cargo routes with 22 flights a week before last month.
“The halt did not affect our cargo revenue, which still rose 64 percent last month, thanks to strong freight rates. The cargo business is forecast to continue booming this quarter,” an EVA Airways official said by telephone.
The airline’s passenger revenue rose in July and August, but retreated 16 percent year-on-year last month, due to lower demand and the suspension of flights to Chicago, the official said.
Overall, the airline’s passenger revenue totaled NT$2.47 billion last quarter, up 2 percent from a year earlier.
China Airlines said its cargo revenue hit a record of NT$11.68 billion last month, as it used more planes for flights to the US, which yield higher revenue.
In addition, cargo demand remained high, particularly shipments of fruit, electronic components and semiconductors, China Airlines said in a statement.
The cargo business is forecast to remain robust this quarter, which is the peak shopping season in Europe and North America, it said.
ISSUES: Gogoro has been struggling with ballooning losses and was recently embroiled in alleged subsidy fraud, using Chinese-made components instead of locally made parts Gogoro Inc (睿能創意), the nation’s biggest electric scooter maker, yesterday said that its chairman and CEO Horace Luke (陸學森) has resigned amid chronic losses and probes into the company’s alleged involvement in subsidy fraud. The board of directors nominated Reuntex Group (潤泰集團) general counsel Tamon Tseng (曾夢達) as the company’s new chairman, Gogoro said in a statement. Ruentex is Gogoro’s biggest stakeholder. Gogoro Taiwan general manager Henry Chiang (姜家煒) is to serve as acting CEO during the interim period, the statement said. Luke’s departure came as a bombshell yesterday. As a company founder, he has played a key role in pushing for the
China has claimed a breakthrough in developing homegrown chipmaking equipment, an important step in overcoming US sanctions designed to thwart Beijing’s semiconductor goals. State-linked organizations are advised to use a new laser-based immersion lithography machine with a resolution of 65 nanometers or better, the Chinese Ministry of Industry and Information Technology (MIIT) said in an announcement this month. Although the note does not specify the supplier, the spec marks a significant step up from the previous most advanced indigenous equipment — developed by Shanghai Micro Electronics Equipment Group Co (SMEE, 上海微電子) — which stood at about 90 nanometers. MIIT’s claimed advances last
CROSS-STRAIT TENSIONS: The US company could switch orders from TSMC to alternative suppliers, but that would lower chip quality, CEO Jensen Huang said Nvidia Corp CEO Jensen Huang (黃仁勳), whose products have become the hottest commodity in the technology world, on Wednesday said that the scramble for a limited amount of supply has frustrated some customers and raised tensions. “The demand on it is so great, and everyone wants to be first and everyone wants to be most,” he told the audience at a Goldman Sachs Group Inc technology conference in San Francisco. “We probably have more emotional customers today. Deservedly so. It’s tense. We’re trying to do the best we can.” Huang’s company is experiencing strong demand for its latest generation of chips, called
GLOBAL ECONOMY: Policymakers have a choice of a small 25 basis-point cut or a bold cut of 50 basis points, which would help the labor market, but might reignite inflation The US Federal Reserve is gearing up to announce its first interest rate cut in more than four years on Wednesday, with policymakers expected to debate how big a move to make less than two months before the US presidential election. Senior officials at the US central bank including Fed Chairman Jerome Powell have in recent weeks indicated that a rate cut is coming this month, as inflation eases toward the bank’s long-term target of two percent, and the labor market continues to cool. The Fed, which has a dual mandate from the US Congress to act independently to ensure
RSS