At a time when most of China's airlines were hemorrhaging red ink, Shenzhen defied the odds and reported a CNY26 million ($3.8 million) profit for 2008, its 15th consecutive full-year profit, although it was well down on the CNY640 million net for the prior year. It credited effective cost control for the result, with a reduction of CNY714 million in expenses while operating revenue climbed 26.4% to CNY 13.07 billion. It also stayed away from fuel hedging, which contributed to its success. Early this year it launched its Kunming Aitlinesrnsubsidiary and plans to launch its Yinchuan-based Ningxia Airlines subsidiary.
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