China Airlines, the Taiwan based airlines, has released its 2023 Q2 operating results. The airline reported operating revenue of TWD 89.885 billion (up 21.33% YoY) for the first half of the year. The following numbers were also reported for the H1 period: Consolidated operating profit of TWD 6.593 billion, consolidated net profit after tax of TWD 4.861 billion, and TWD 4.6 billion in net profit before tax attributed to the parent company. Earnings per share (EPS) came in at TWD 0.77, up TWD 0.19 compared to the same period last year. Single-quarter revenue for Q2 was TWD 47.193 billion, up 28.05% YoY, net profit attributable to the parent company amounted to TWD 3.294 billion, and earnings per share (EPS) was TWD 0.55. The Q2 single-quarter and H1 profits were both the second highest for their period on record.
The easing of the COVID-19 pandemic and renewed traveler confidence helped boost growth in passenger volume. China Airlines has been scheduling more flights in preparation for the recovery of travel demand and transit requirements. There have been approximately three routes inaugurated or reinstated every two months since the end of last year. Passenger revenue for 2023 Q2 grew by 25% compared to the previous quarter. There was a significant increase in the number of travelers from each region and the 1351% growth in passenger revenue compared to the same period last year reflected a rebound in the travel market. Aviation fuel prices are also significantly lower than the same period last year and contributed to the overall bottom-line.
China Airlines is actively working to meet the rapidly growing demand for post-pandemic travel in the second half of the year. The passenger market is expected to continue its strong recovery. Flight frequency will reach 80% of pre-pandemic levels while long-haul routes for Europe, North America, and Oceania are mostly back to pre-pandemic levels already. An exclusive non-stop route from Taipei to Prague was also inaugurated giving a further boost to passenger revenues during the summer peak season and regional routes will see an increase in service frequency. The Kaohsiung-Seoul (Gimpo) route will be launched on August 26 followed by the launch of the Taipei-Kumamoto route on September 18 in an effort to generate further business growth. China Airlines is following a balanced passenger and cargo strategy while continuing to make adjustments to the overall cargo network. Medium and long-term custom charter packages will be emphasised to expand high value sources for semiconductor machinery, cold-chain, engines, and aerospace materials. Cooperation on integrated logistics and shared flights will also be strengthened to take advantage of cargo growth opportunities.
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