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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  China Eastern Airlines Corporation Limited    600115   CNE000000TR0

CHINA EASTERN AIRLINES CORPORATION LIMIT

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Qantas to drop Sydney-Beijing route due to competition from Chinese carriers

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11/12/2019 | 01:32am EST
FILE PHOTO: Workers are seen near Qantas Airways, Australia's national carrier, Boeing 737-800 aircraft on the tarmac at Adelaide Airport

Qantas Airways Ltd said on Tuesday it is axing its underperforming Sydney-Beijing route from March due to stiff competition from Chinese airlines and weak business class demand.

The Australian carrier had relaunched the route in 2017 in its third attempt in 35 years to make it viable and had already lowered the number of weekly flights to five from seven in 2018.

It will maintain daily flights from Sydney to Shanghai, where it partners with hub carrier China Eastern Airlines Corp Ltd.

Qantas said since it had reintroduced the direct Sydney-Beijing services in 2017, capacity from Beijing to Australia on Chinese airlines had grown by around 20% and was expected to grow even further in 2020 at a time when broader international capacity to Australia was declining.

"Our flights to Beijing have been underperforming for some time due to weaker demand as well as a big increase in capacity from other airlines," Qantas International Chief Executive Tino La Spina said in a statement.

"China is a significant market for Qantas and our direct services from and to Shanghai are performing well. With Beijing, we're responding to what the market is telling us," La Spina said.

Qantas said it would redeploy the Airbus SE A330 capacity it had been using on the route to elsewhere in Asia.

(Reporting by Jamie Freed; Editing by Muralikumar Anantharaman)

Stocks mentioned in the article
ChangeLast1st jan.
AIRBUS SE -1.31% 129.62 Real-time Quote.-0.48%
CHINA EASTERN AIRLINES CORPORATION LIMITED 1.65% 4.92 End-of-day quote.-16.70%
HUB CO., LTD. -0.85% 1053 End-of-day quote.0.77%
QANTAS AIRWAYS LIMITED -1.24% 6.35 End-of-day quote.-9.56%
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Financials (CNY)
Sales 2019 127 B
EBIT 2019 11 490 M
Net income 2019 3 947 M
Debt 2019 157 B
Yield 2019 0,63%
P/E ratio 2019 15,5x
P/E ratio 2020 10,1x
EV / Sales2019 1,80x
EV / Sales2020 1,67x
Capitalization 71 683 M
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Number of Analysts 21
Average target price 5,98  CNY
Last Close Price 4,84  CNY
Spread / Highest target 63,2%
Spread / Average Target 23,6%
Spread / Lowest Target -46,3%
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NameTitle
Yang Min Li Vice Chairman, President & General Manager
Shao Yong Liu Chairman
Sheng Xi Chairman-Supervisory Board
Yong Liang Wu Chief Financial Officer & Vice President
Bing Tang Director
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