The low oil price is a boon for some, at least. Late on Wednesday China Eastern Airlines
issued an alert that first-half profit would rise to $575m. Last year there was barely any profit at all. This makes analysts’ full-year estimates, already revised up 150 per cent, look low. The stock rose a tenth.
This may be because of the roughly one-half drop in fuel prices from a year ago: China Eastern Airlines has no hedging. But there may be more to it. The guidance implies that second-quarter net profit surpassed that of the first, despite a rebound in the oil price. Reported load factors have improved. Ticket prices may be higher as well.
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