Air China subsidiary Shandong Airlines (SC) reported a full-year net profit of 287.85 million yuan in 2014, down 26.21 percent from net income of 389.08 million yuan in the year-ago period. Total operating revenue rose 1.25 percent to 11.57 billion yuan.
The Jinan-based carrier cited the slowdown in economic growth and cheaper airfares resulting from intensifying competition as main reasons for the sharp profit decline. The carrier's earning per share (EPS) was 0.72 yuan, compared with 0.97 yuan in 2013.
In 2014, the airline achieved a total transport turnover volume of 1.94 billion tonnes km. Passenger traffic climbed 9.14 percent to 15.32 million with an average load factor of 77.21 percent, down 0.55 percentage points over the prior year, due to a slowdown in demand and faster growth of transport capacity. Cargo traffic volume rose 8.03 percent to 141,400 tonnes.
Last year, Shandong Airlines introduced 10 Boeing 737-800 aircraft and phased out 2 Boeing 737-300s. As of Dec. 2014, the regional airline has operate a medium fleet of 80 aircraft, including three 737-700s, 70 737-800s, five Bombardier CRJ-200s and two CRJ-700s.
This year, the airline announced it would take delivery of 15 new 737-800s to improve fleet operating efficiency.
Looking ahead, the company expects overcapacity problems to remain. It will also continue to be challenged by the high-speed rail competition and the fluctuation of international oil prices and exchange rates.
wcarn
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