Shanghai Airlines flies back into profit
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Shanghai Airlines recorded a net profit in the first quarter of this year, helped by local government support, the carrier has announced. According to a Shanghai Daily report, the airline’s net income fell 28.7% year-on-year to CNY26.3 million (US$3.9 million), on the back of a 20% drop in revenue.
However, if the local government support of CNY153 million were excluded, the carrier would have recorded a net loss. Shanghai Airlines has posted two consecutive years of losses; CNY1.3 billion in 2008 and CNY435 million in 2007.
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