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July 23, 2007

China Eastern Airlines to buy ten A320s
It carried 18.33 million passengers and 422,800 tons of cargo in the first half, up 9.17% and 0.81% respectively.

As one of the three largest carriers in China along with Air China and China Southern Airlines, China Eastern Airlines registered losses of 467 million yuan in 2005 and 2.78 billion yuan in 2006.

Under the fierce competition from other domestic and foreign airlines, the China Eastern's market share in Shanghai, its major market, has dropped below 40 percent.

Li Fenghua, chairman of the airline, was optimistic about the company's future performance, and said it was working hard to fulfill the goal of more than 200 million yuan in profits this year.

The company is in talks with Singapore Airlines, which is looking to become a strategic investor.

Trading of the company''s stocks has been suspended since May 22, and its stock price closed at 9.6 yuan before suspension. Xinhua

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