EVA Airways Corp (長榮航空) yesterday reported NT$6.6 billion (US$231.34 million) in net profit for last year on the back of robust cargo demand, compared with a net loss of NT$3.36 billion in 2020 due to the effects of the COVID-19 pandemic.
The airline posted earnings per share of NT$1.31 for last year, higher than its earnings per share of NT$0.83 in 2019, when the company reported net profit of NT$3.98 billion.
The board of directors yesterday also approved a proposal to distribute a cash dividend of NT$0.6 per share, which suggests a payout ratio of 45 percent, EVA said in a filing to the Taiwan Stock Exchange.
Photo courtesy of Taiwan Taoyuan International Airport Corp
The proposal is subject to shareholder approval at its annual meeting on May 31, EVA said.
Revenue last year rose 15 percent from a year earlier to NT$103 billion, driven by a 70 percent increase in cargo revenue to NT$85 billion, while gross margin rose from 9.61 percent to 18.6 percent last year, the company’s financial report showed.
The board also approved a proposal to contract Israel Aerospace Industries Ltd to convert three Boeing 777-300ER passenger jets to cargo planes from 2025 for no more than US$40 million each.
The conversion would help raise the airline’s fleet of cargo aircraft to 11, and boost its cargo capacity by 10 percent, EVA said in a statement.
“We hold an upbeat outlook for air cargo business, so we have redesigned the allocation of jets. Once the ratio of our cargo revenue to all revenue grows, our competitiveness will be enhanced,” EVA president Clay Sun (孫嘉明) said.
EVA owns eight Boeing 777F planes, corporate data showed.
Although a converted 777-300ER passenger jet can carry only 100 tonnes of cargo compared with a 777F’s 106-tonne capacity, as the 777-300ER is longer, the volume of its cargo space is 25 percent greater than a 777F, making it suitable for carrying e-commerce shipments, leaving the 777F to haul heavy loads, EVA said.
Having both jets, would give the airline more flexibility in making cargo arrangements, it added.
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