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SHANGHAI, China - China Eastern Airlines' losses widened to a record 2.33 billion yuan ($341 million) in July-September, as the carrier suffered from faltering demand and rising costs afflicting the entire industry.
The Shanghai-based airline, one of the country's biggest carriers, posted a 976 million yuan net profit for the third-quarter of last year.
China Eastern reported a 212 million yuan net loss in the first half of the year and a 2.3 billion yuan ($335 million) loss for January-September.
On Wednesday, it issued a profit warning for the entire year, without giving specific figures.
"As the fourth quarter is the traditional offseason for the aviation industry and the demands in the aviation markets may not be revived in the near future, the company expects to record a loss for the year 2008," the Shanghai-based carrier said in a statement to the Hong Kong Stock Exchange.
Revenue for the three months ending Sept. 30 was 10.81 billion yuan ($1.6 billion), compared to 12.5 billion yuan in third quarter 2007.
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