(Yicai) Nov. 3 -- Hainan Airlines Holding surpassed Spring Airlines as the most profitable of China’s listed carriers in the first three quarters of this year, with all seven reporting profits on the back of record summer travel.

Net profit at Hainan Airlines jumped 31 percent to CNY2.8 billion (USD393.4 million) in the nine months ended Sept. 30 from a year earlier, while revenue rose 3 percent to CNY53.4 billion (USD7.5 billion), the Haikou-based firm said in a financial report on Oct. 30.

The airline attributed the results to the ongoing recovery in China’s civil aviation market, timely capacity adjustments, and more efficient route operations through better management. It also noted that US dollar exchange-rate shifts boosted its foreign exchange gains during the period.

Net profit at Spring Airlines fell 10 percent to CNY2.3 billion despite revenue rising 5 percent to CNY16.8 billion, the Shanghai-based budget carrier said on the same day, without giving any explanation. It was the most profitable Chinese airline in the first half of this year, last year, and in 2023.

Domestic traffic growth was offset by lower airfares, squeezing margins, Spring Airlines had said in its first-half earnings report. Internationally, its Thailand routes were hit by adverse factors, leading to sharp declines in ticket prices and passenger numbers.

China's civil aviation sector saw a record 147 million passengers travel during this year's peak summer season from July 1 to Aug. 31, up about 4 percent from a year ago, according to data from the Civil Aviation Administration of China.

Among state-owned airlines, Air China's net profit surged 37 percent to CNY1.9 billion, China Eastern Airlines swung from a loss of CNY138 million (USD19.4 million) to a profit of CNY2.1 billion, and China Southern Airlines saw a 17 percent profit increase to CNY2.3 billion.

China's three biggest carriers had all posted losses in the six months ended June 30, with that of Beijing-based Air China reaching CNY1.8 billion, that of Shanghai-based China Eastern topping CNY1.4 billion, while that of Guangzhou-based China Southern stood at CNY1.5 billion.

Juneyao Airlines and China Express Airlines, the remaining two listed carriers, posted profits of CNY1.1 billion and CNY620 million, respectively, for the first three quarters.

After four consecutive years in the red due to the Covid-19 pandemic, China's civil aviation industry returned to profitability last year, narrowing losses by CNY20.6 billion (USD2.9 billion), the CAAC said previously, adding that earnings are expected to pick up further this year.

Editors: Dou Shicong, Martin Kadiev