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
