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Order HereChina Eastern Airlines has decided to sell its 5% stake in Xi’an-based regional carrier Joy Air at the price of CNY35 million ($5.5 million), due to Joy Air’s consecutive operating losses.
According to a written statement released by Beijing Equity Exchange, Joy Air’s operating revenue was CNY175 million in 2014, but it reported an operating loss of CNY214 million and a net loss of CNY152 million in the same period. Its total assets were CNY966 million, but its total debts were CNY1.07 billion in 2014.
In 2008, Shanghai-based China Eastern Airlines launched Joy Air in conjunction with AVIC. At that time, China Eastern held a 40% stake in the regional joint venture, while AVIC held the remaining shares. But CEA transferred 35% of those shares to AVIC in 2009. Industry analysts speculate that AVIC may purchase the remaining 5% of Joy Air from China Eastern.
Joy Air operates a fleet of nine AVIC-produced MA60 regional aircraft.
Chinese regional carriers have been suffering from heavy operating losses owing to higher operating expenses, lower load factors and increased taxes. It is reported that Joy Air is discussing with Tianjin-based Okay Airways a new regional joint venture to reduce operating expenses and achieve synergies.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereChina Eastern Airlines has decided to sell its 5% stake in Xi’an-based regional carrier Joy Air at the price of CNY35 million ($5.5 million), due to Joy Air’s consecutive operating losses.
According to a written statement released by Beijing Equity Exchange, Joy Air’s operating revenue was CNY175 million in 2014, but it reported an operating loss of CNY214 million and a net loss of CNY152 million in the same period. Its total assets were CNY966 million, but its total debts were CNY1.07 billion in 2014.
In 2008, Shanghai-based China Eastern Airlines launched Joy Air in conjunction with AVIC. At that time, China Eastern held a 40% stake in the regional joint venture, while AVIC held the remaining shares. But CEA transferred 35% of those shares to AVIC in 2009. Industry analysts speculate that AVIC may purchase the remaining 5% of Joy Air from China Eastern.
Joy Air operates a fleet of nine AVIC-produced MA60 regional aircraft.
Chinese regional carriers have been suffering from heavy operating losses owing to higher operating expenses, lower load factors and increased taxes. It is reported that Joy Air is discussing with Tianjin-based Okay Airways a new regional joint venture to reduce operating expenses and achieve synergies.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.
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Order HereChina Eastern Airlines has decided to sell its 5% stake in Xi’an-based regional carrier Joy Air at the price of CNY35 million ($5.5 million), due to Joy Air’s consecutive operating losses.
According to a written statement released by Beijing Equity Exchange, Joy Air’s operating revenue was CNY175 million in 2014, but it reported an operating loss of CNY214 million and a net loss of CNY152 million in the same period. Its total assets were CNY966 million, but its total debts were CNY1.07 billion in 2014.
In 2008, Shanghai-based China Eastern Airlines launched Joy Air in conjunction with AVIC. At that time, China Eastern held a 40% stake in the regional joint venture, while AVIC held the remaining shares. But CEA transferred 35% of those shares to AVIC in 2009. Industry analysts speculate that AVIC may purchase the remaining 5% of Joy Air from China Eastern.
Joy Air operates a fleet of nine AVIC-produced MA60 regional aircraft.
Chinese regional carriers have been suffering from heavy operating losses owing to higher operating expenses, lower load factors and increased taxes. It is reported that Joy Air is discussing with Tianjin-based Okay Airways a new regional joint venture to reduce operating expenses and achieve synergies.
The information on this page may have been provided by a contributor and no guarantees can be made about the accuracy of any content. Contributors must obtain all necessary licenses and/or ownership rights from the relevant content owner(s) before submitting the same for publication. AIRLINE PARTNERSHIP disclaims all liability arising from the publication of content received from contributors. Please refer to our Disclaimer for more details.