China Eastern's Shares Slide to Five-Year Low on 84% Passenger Turnover Drop in February
Tang Shihua
DATE:  Mar 19 2020
/ SOURCE:  yicai
China Eastern's Shares Slide to Five-Year Low on 84% Passenger Turnover Drop in February China Eastern's Shares Slide to Five-Year Low on 84% Passenger Turnover Drop in February

(Yicai  Global) March 19 -- Shares of China Eastern Airlines have tumbled to  the lowest in more than five years today after the Chinese aviation firm  yesterday reported declining passenger volume figures for last month  amid the Covid-19 outbreak.

China Eastern's Hong Kong-listed shares [HK: 670] fell 7.3 percent to HKD2.65 (US 34 cents) this morning. Its New York-listed shares [NYSE: CEA] slumped 8.3 percent to USD17.55 yesterday. Both are the weakest prices since October 2014.

The  airline's passenger turnover dropped nearly 84 percent in February from  a year ago, the Shanghai-based firm said in a filing to the Shanghai  Stock Exchange and Hong Kong Exchanges & Clearing yesterday.

The  company's passenger load factor was a bit more than 50 percent, a 34  percentage point decrease from a year earlier. Its cargo volume declined  by 58 percent.

During  the first two months of this year, the airline's passenger turnover  fell 42 percent from a year ago. Its passenger load factor was 70  percent, a 12 percentage point decline. Freight volume edged down by 24  percent. 

Editor: Emmi Laine 

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Keywords:   Business Performance,Virus Outbreak,New Coronavirus Pneumonia ,COVID-19 ,Epidemic Control,China Eastern Airlines