Shenzhen Airlines reported CNY26 million ($3.8 million) in net earnings in 2008, its 15th consecutive full-year profit. It earned CNY640 million in 2007. The carrier credited "effective cost control" for the result, which contrasts with heavy losses reported by other Chinese carriers. Last year it reduced operating expenses by CNY714 million. Industry analysts suggested that a lack of fuel hedges contributed to its success. China Eastern Airlines and Air China suffered losses of CNY6.2 ...

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