China Airlines reports record high Q1 net profit

Taipei, May 10 (CNA) China Airlines (CAL), one of the leading international carriers in Taiwan, has posted its highest ever first quarter net profit, which it attributed to strong passenger demand during the Lunar New Year holiday and the winter vacation.

In a statement, CAL said Friday that it recorded NT$4.66 billion (US$154 million) in net profit in the January-March period, a 36.54 percent year-on-year increase, with earnings per share of NT$0.69, compared with NT$0.51 a year earlier.

In the first quarter, CAL generated NT$52.77 billion in consolidated sales, up from NT$48.65 billion a year earlier.

The airline said that a boom in passenger flights in the post COVID-19 era continued into the first quarter, when its revenue from such flights hit NT$32.69 billion, up 12.3 percent from the previous quarter.

CAL said that it plans to capitalize on the expected strong demand from passengers during the upcoming summer vacation by increasing the number of round-trip flights to destinations such as Takamatsu, Kagoshima, Seoul, Busan, Vienna, Jakarta and Ho Chi Minh City.

According to the carrier, it currently provides the largest number of flights to Europe and Australia among Taiwanese airlines.

Meanwhile, CAL said that its first-quarter revenue from cargo services rose 27.46 percent year-on-year to NT$15.69 billion, boosted by its expanded services to meet the growing demand for air cargo services.

In response to the new tariffs imposed by the United States, CAL said, it has adjusted its cargo flight schedules, while optimizing its cargo flight portfolio in a bid to enhance competitiveness and maintain the bottom line of its cargo operations.

Earlier this week, CAL signed an agreement to purchase at least 14 Boeing 777X jets -- 10 of them 777-9 passenger jetliners and four 777-8F freighters – and to have the option to buy an additional nine Boeing aircraft.

CAL is expected to take delivery of its first Boeing 777X aircraft in 2030.