Shenzhen reports profit

 Shenzhen Airlines reported a first-quarter net profit of CNY160 million owing to a strong rebound in the domestic market; the year-ago result was not available and the carrier did not disclose its first-quarter revenue, expenses, passenger or cargo traffic, ATWOnline reported.
Owing to double-digit growth in the domestic market, Chinese carriers posted a collective net profit for the quarter of CNY1.78 billion, according to CAAC.
Shenzhen achieved an annual profit of CNY26 million in 2008 and expects to improve its financial performance this year as domestic demand continues to rise. In an effort to exploit that growth, last week it signed an agreement with the Chongqing municipal government to help construct a logistics hub for western China.
The airline is expected to establish a branch company for its Jade Cargo International subsidiary in Chongqing, from which it plans to open the first international cargo route in July. It will reconfigure some 737 passenger aircraft into freighters despite the fact that Chinese carriers are suffering from a continuing downturn in the cargo market. Freight volume hit a historic low of 264,334 tonnes in January, off 29% year-over-year.
On the passenger front, Shenzhen hopes to enhance its position in Shenyang and is expected to add six more aircraft by year end. It plans to launch service from Shenyang to Qingdao, Xiamen, Sanya, Ningbo, Nanchang, Changsha, Nanjing, Hefei, Haikou, Guilin, Lijiang, Kunming, Chengdu, Lanzhou, Xian and Taiyuan and open new international routes to Southeast Asia and Russia. It established its Shenyang branch company in April 2006. It currently operates four 737s.

Source: Transportweekly