(Yicai) April 9 -- Juneyao Airlines swung back into the black last year after revenue hit a record high thanks to a jump in domestic and international travel.

Net profit was CNY750 million (USD100 million) in the 12 months ended Dec. 31, versus a net loss of CNY4.2 billion (USD580.6 million) the year before, the Shanghai-based firm’s earnings report showed late yesterday. Revenue surged 145 percent to CNY20.1 billion (USD2.7 billion).

Juneyao returned to profit after China fully lifted Covid-19 restrictions at the start of 2023, though it was less than the CNY994 million profit the carrier booked for 2019, before the pandemic.

The airline’s shares [SHA: 603885] closed 0.6 percent higher at CNY12.12 (USD1.78) apiece today. The wider Shanghai market ended little changed.

Juneyao operated 2,131 weekly flights on more than 210 routes from Shanghai, its main operating base, to domestic and international destinations last year. Its unit 9 Air ran over 100 domestic and international routes from its main base in Guangzhou, with 655 flights a week.

Juneyao had added and resumed flights to 18 international destinations as of the end of 2023, operating 25 such routes.

Domestic passengers in China are expected to reach 630 million this year, up 7.7 percent from 2019, Juneyao noted, citing a forecast by the Civil Aviation Administration of China. There will likely be around 6,000 international flights a week by the end of 2024, about 80 percent of 2019’s level.

Juneyao and 9 Air added eight aircraft and retired one last year, bringing their fleet to 117 planes. The pair plan to add 12 aircraft this year, one in 2025 and six in 2026. The parent firm will likely spend USD690 million on jets and related equipment over the next three years, including USD450 million this year.

Fang Wei, the actual controller of Hainan Airlines Holding, has been increasing his stake in Juneyao since last year, becoming its third-largest shareholder with 2.5 percent. He acquired about 55 million shares from the secondary market, or 1.3 percent, in August 2022.

Editor: Martin Kadiev