ATC Avia - «Shanghai Airlines» faces heavy losses in the third quarter

«Shanghai Airlines» incurred losses like other Chinese air companies in the third quarter of this year.

According to report for Shanghai Stock Market, «Shanghai Airlines» had losses of 437 million and 400 thousand yuan (or 64 million dollars) in a period from July to September of this year.

In the third quarter of the year «Shanghai Airlines» profit decreased from 3 billion 450 million to 3 billion 140 million yuan due to the weak air market demand. One of the factors of demand fall is drastic measures for tightening visa procedures that were taken by Chinese government on the eve of Olympic Games in Beijing.

At the same time, «Shanghai Airlines» costs increased from 3 billion 380 million to 3 billion 590 million yuan.

«Shanghai Airlines» is not the only company that had losses, other Chinese air companies like «Air China», «China Eastern Airlines», «China Southern Airlines», and «Hainan Airlines» also recorded a loss.

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