China Airlines reported consolidated revenues of TWD 150.928 billion for the first three quarters of the year. The consolidated operating profit of TWD 13.346 billion and consolidated net profit after tax of TWD 11.341 billion were the highest ever reported for the period. TWD 10.374 billion in net profit before tax was attributed to the parent company; earnings per share (EPS) were TWD 1.71, up TWD 0.56 compared to the same period last year.
Single-quarter revenue for Q3 was TWD 52.015 billion, up 9.09% y.o.y. Consolidated profit after tax was TWD 4.199 billion, up 65.25% y.o.y. These were also the highest ever reported for the period. Net profit attributable to the parent company amounted to TWD 3.828 billion, and earnings per share (EPS) were TWD 0.63.
As the air travel market continues to recover, passenger demand has remained high due to long weekends and the summer peak. The non-stop Taipei-Seattle service launched by China Airlines in July, for example, has been very well-received with a average passenger load factor of 85%. The number of passenger-carrying services in the first three quarters of 2024 also grew compared to the same period in 2023 and resulted in a 12.15% increase in passenger revenue over the same period last year. In cargo services, continued growth in supply of e-commerce and electronic products produced an increase in both volume and prices from Q2 onwards. Freight revenue for the first three quarters of 2024 grew by 1.02% over the same period last year.
China Airlines’ solid performance in both passenger and cargo services led to Taiwan Ratings upgrading the airline’s credit rating to “twA-” while outlook remained stable. China Airlines continues to refine its passenger network strategy. Bookings for Q4 are now averaging 80% with demand for Northeast Asia and Japan being particularly robust. To build on the business opportunities offered by the market for tourism travel between southern Taiwan and Japan, China Airlines will assign the popular Pikachu Jet CI to Japanese and Korean routes departing from Kaohsiung next year. Seven flights a week are planned from January 1 onwards including the CI176/CI177 Kaohsiung-Osaka and CI164/CI165 Kaohsiung – Seoul (Incheon) services. The change will help meet the strong travel demand in Kaohsiung and encourage more international travelers to visit southern Taiwan.
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