Spring Airlines posts strong jump in Q1 profit
Spring Airlines’ operating profit more than quadrupled to CNY508 million ($ 80.4 million) in the first quarter of the year, up from CNY119 million in the previous corresponding period.
Operating revenue during the three months jumped 25.6% to CNY3.23 billion, while costs climbed 17.9% to CNY2.89 billion.
Attributable net profit rose 27.1% to CNY385 million.
The low-cost carrier’s cash and cash equivalents at the end of the period amounted to CNY5.18 million, up from CNY4.66 million a year ago.
Chinese carriers have all reported improved performance during the quarter ended 31 March, largely due to strong demand, as well as the appreciation of the yuan against the US dollar.