Shanghai Airlines plunges deeper into the red

SHANGHAI: Domestic air carrier Shanghai Airlines yesterday said full year net loss widened to 1.25 billion yuan with its shares facing special trading limits of 5 percent from today.

The company said the wider net loss of 1.25 billion yuan from a loss of 435.12 million yuan in 2007, had an impact on its earnings per share (EPS), which declined to minus 1.155 yuan from 0.4 yuan a year earlier.

Shanghai Airlines said multiple factors like the Sichuan earthquake, the economic slowdown in the second half of 2008 and soaring jet fuel prices contributed to its losses. The falling orders at its unit Shanghai Airlines Cargo International Co Ltd caused a loss of 145 million yuan.