China Eastern Airlines (600115) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 reached RMB 38,386 million, up 6.23% year-over-year; net profit attributable to shareholders was RMB 2,630 million, down 28.18% year-over-year.

• For the first nine months, revenue was RMB 102,585 million, up 19.78% year-over-year; net loss attributable to shareholders was RMB 138 million, a significant improvement from a loss of RMB 2,596 million in the prior year.

Financial highlights

• Operating income for Q3 2024 increased, but net profit declined due to intensified domestic competition, incomplete recovery of international routes, high-speed rail competition, and volatile oil prices.

• Basic and diluted EPS for Q3 were RMB 0.12, down 25% year-over-year; for the nine months, both were -0.01, compared to -0.12 in the prior year.

• Cash flow from operating activities for the nine months was RMB 26,377 million, nearly flat year-over-year.

Outlook and guidance

• Management expects continued challenges from domestic and international competition and oil price volatility but is focused on optimizing routes, capacity, and cost control to drive future performance.