China's three biggest airlines have reported a rise in third-quarter net profit on strong domestic travel demand.
China Southern, Asia's biggest carrier, saw its net profit for July-September surge 29.4 per cent year-on-year to 4.28 billion yuan (Dh2.36bn), according to a stock exchange statement on Monday.
Flag carrier Air China said its third-quarter net profit surged 31.39 per cent year-on-year to 4.95bn yuan, according to a statement to the Hong Kong exchange, where it is listed.
The carrier said strong economic growth in the quarter, and buoyant demand during the summer holiday season from July to August, boosted earnings.
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"Despite challenges the aviation industry still faces, such as foreign exchange rate, oil price, geological and political situations... the overall market supply and demand trend improved," Air China said.
Chinese carriers have benefited from a boom in domestic and international air trips as the country's middle class spends more on travel and leisure.
Shanghai-based China Eastern Airlines reported slower growth than the others for the third quarter, up 3.09 per cent to 3.59bn yuan.
Its investment of €375 million (Dh1.6bn) for a 10 per cent stake in Air France-KLM was completed on October 3.
Shares in China Southern and Air China were both boosted on Monday by the upbeat earnings.
Air China closed up 1.4 per cent in Shanghai, where it is also listed, and jumped 3.9 per cent in Hong Kong. China Southern added 0.9 per cent in Shanghai and was 1.2 per cent higher in Hong Kong.
The biog
Name: Abeer Al Bah
Born: 1972
Husband: Emirati lawyer Salem Bin Sahoo, since 1992
Children: Soud, born 1993, lawyer; Obaid, born 1994, deceased; four other boys and one girl, three months old
Education: BA in Elementary Education, worked for five years in a Dubai school
Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
The specs: 2019 Haval H6
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Torque: 315Nm @ 2,000rpm
Fuel economy, combined: 7.0L / 100km
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Key findings
- Over a period of seven years, a team of scientists analysed dietary data from 50,000 North American adults.
- Eating one or two meals a day was associated with a relative decrease in BMI, compared with three meals. Snacks count as a meal. Likewise, participants who ate more than three meals a day experienced an increase in BMI: the more meals a day, the greater the increase.
- People who ate breakfast experienced a relative decrease in their BMI compared with “breakfast-skippers”.
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- But scrapping dinner altogether gave the best results. The study found that the BMI of subjects who had a long overnight fast (of 18 hours or more) decreased when compared even with those who had a medium overnight fast, of between 12 and 17 hours.
