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kaichinshih
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Joined: Sun May 24, 2009 9:51 am

Cargo Miracle: CI Turns Profit for Q2

Thu Aug 06, 2020 6:27 pm

With the peak in global freight rates in May, China Airlines (Taiwan) has turned a profit for Q2

    Q2 profits at 245.9m NTD (8.4m USD)
    Q1 loss at 377.3m NTD (12.8m USD)
    H1 loss at 131.3m NTD (4.5m USD)

The figures can be attributed to a number of factors, including supply-demand imbalance in the freight market, CI's 18-strong 744F fleet, lowered costs with low fuel prices, less operations, and salary cuts. Salary cuts and shortened working hours came to an end recently as the airline was predicting a profit. As for the folks at cargo, management promised bonus to thank them for carrying the company during such extraordinary times.

However, Q3 may not be as miraculous for the airline. Freight rates started falling after May and CI saw a drop in revenue in June.

Recently, freight rates started climbing again, though not as much as May figures. It's currently delivery season for major tech suppliers in Asia. Factor in the rise in cases worldwide, CI has upped its freight rates by 20-25%, pushing per kilo rates on the JFK route to ~10 USD.

Source: https://news.cnyes.com/news/id/4512176

The following image (in Mandarin) showcases the revenue make-up of CI over recent months. While pax (dark blue) dried up, cargo (light blue) boomed and provided a "cushion" for the fall in revenue. However, June was figures falling again.
Image
 
Ishrion
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Re: Cargo Miracle: CI Turns Profit for Q2

Thu Aug 06, 2020 7:04 pm

Amazing - the source also says it's their highest quarterly profit since Q4 2017.

Does anyone know where to find the full report from China Airlines? I checked their business/finance and newsroom but it doesn't seem to be there.
 
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lightsaber
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Re: Cargo Miracle: CI Turns Profit for Q2

Thu Aug 06, 2020 7:13 pm

Add China airlines (Tiawan), off increased cargo revenue:

viewtopic.php?f=3&t=1450027
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