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China's General Administration of Civil Aviation (CAAC) reported a loss of 640 million yuan (US$80 million) in the first half of 2006.
China's civil aviation revenues hit 102.91 billion yuan (US$12.86 billion) in the first six months, up 20.6 percent over the same period of last year. But, with rocketing fuel prices, its costs shot up 23.2 percent year on year to reach 103.1 billion yuan (US$12.89 billion), resulting in a loss of 2.57 billion yuan in the first half year, according to CAAC.
The airlines blamed their declining profits on rising operating costs which were up 17.9 percent over the same period of last year as a result of higher oil prices.
(Xinhua News Agency July 26, 2006)
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