China Eastern Achieved 1Q Net Income Growth on One-Off Investment Gain
No-moat China Eastern reported solid first-quarter results with net income and revenue up 8.3% year on year and 4.3% year on year, respectively, to CNY 2.8 billion and CNY 24.5 billion. Excluding the one-off investment gain, substantially higher fuel cost input would have driven core earnings down 53% year on year to CNY 1.6 billion. As with other airlines, earning weakness should be temporary in light of robust demand, and we should see faster net income growth in the remaining quarters, given ...
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