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China Ea PHOENIX TERMINAL BLOCK stern warns of huge losses on hedging contracts<br>
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China Eastern warns of huge losses on hedging contractsPublished: 12 Jan 2009 00:00:00 PST
Jan. 12, 2009 (China Knowledge) - China Eastern Airlines Corp Ltd<600115><670><CEA>, the nation's third-largest carrier, said the company may suffer a loss of RMB 6.2 billion on fuel hedging contracts for 2008, according to its statement filed with the Hong Kong Stock Exchange.
The company said the big loss came after the unexpectedly slide in global oil prices late last year. It said the fair-value hedging losses were US$14.15 million as of end-December.
China Eastern reported losses of around RMB 2.292 billion for the third quarter last year, with the assets-debt ratio hitting 98.49%.
The Shanghai-based carrier said the aviation industry last year was confronted with challenges due to the weakening demand amid the global economic slowdown. And it expects to see "big losses" in operation profits for 2008.
The company posted a net profit of RMB 586 million for 2007.
China Eastern last month said it would receive a capital injection of RMB 7 billion from the central government to deal with financial difficulties. And it estimates the capital injection would cut its assets-debt ratio to 90.13% from 98.49%.
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