Chinese carriers have reported a collective net income of CNY4.8 billion ($785 million) in April, up sevenfold year-over-year. Total operating revenue was up 9% to CNY35.2 billion while operating expenses decreased 4% to CNY27.9 billion. Industry analysts credited lower fuel prices and exchange gains resulting from yuan appreciation for the improved performance. Since fuel costs make up nearly 40% of domestic carriers’ total operating expenses, the sharp decline is sure to improve ...

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