Hainan Airlines reports profit plunge in 2018

SHANGHAI - Hainan Airlines Holding Co Ltd, China's fourth-largest carrier, reported a 208 percent plunge in net profit in 2018 following a surge in exchange losses.

Hainan Airlines saw a loss of 3.59 billion yuan ($533 million) last year, down from profit of 3.32 billion yuan in 2017, according to its annual financial report filed to the Shanghai Stock Exchange.

Its financial expenses soared 203.2 percent year-on-year to 6.37 billion yuan mainly because of exchange losses.

The airlines saw annual revenue rise 13.1 percent to 67.8 billion yuan as it carried more passengers, cargo and mail.

Last year, the company carried 79.88 million passengers and 559,100 tons of cargo and mail, up 11.4 percent and 16.7 percent, respectively. It had a fleet size of 463 aircraft by the end of 2018.

In a separate exchange filing, Hainan Airlines said in the first quarter of 2019, it earned a net profit of 1.14 billion yuan, down 14.8 percent, and generated a revenue of 18.6 billion yuan, up 10.9 percent.