China Airlines Ltd (CAL, 中華航空) yesterday reported net profit of NT$3.07 billion (US$103.25 million) for the first quarter of this year, the second-highest quarterly figure since the beginning of the pandemic given the higher margin in its cargo business, the airline said.
Earnings per share were NT$0.52, compared with losses per share of NT$0.19 a year earlier, company data showed.
With revenue growing 34 percent year-on-year to NT$37.2 billion, and operating costs rising 21 percent to NT$31.7 billion, CAL’s gross profit advanced 229 percent over the period to NT$5.49 billion last quarter, data showed.
Photo: Tony Yao, Taipei Times
That suggested a gross margin of 14.77 percent, up from 5.99 percent a year earlier, data showed.
CAL said that margin from its cargo operations continued to increase despite increases in fuel prices, thanks to high air freight fees and strong cargo demand, while its passenger operations could not recover because of border controls, data showed.
The company attributed the mild 6 percent growth in passenger revenue in the first quarter to Taiwanese returning from Australia, Europe and the US before the Lunar New Year holiday.
CAL is optimistic about the second quarter, as cargo demand is likely to hold while passenger business is expected to increase as borders reopen, adding that flights to northeast and southeast Asian markets are to be added.
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