China Eastern Seeks More Aid Following Dismal Q4 Results

On Thursday, China Eastern Airlines Corporation Limited (CEA) announced a 2008 full-year net loss of RMB15.3 billion (down from earnings of RMB269 million a year ago), including RMB6.3 billion on oil fuel hedging losses and RMB3.0 billion in impairment losses, from write-downs of acquisition goodwill and older, less fuel-efficient aircraft.

Revenues slumped 3% to RMB41.7 billion on weaker demand as CEA reported a 5.9% decline in passenger traffic and a 280 basis-point decrease in the passenger load factor, while fuel costs jumped 22%.