Photos © R.Leeuw
Although perhaps slightly premature, since the take over by the Hainan Group (of Hainan Airlines) and recent financial troubles, it is expected that China Xinhua Airlines will merge into Hainan Airlines. Their website shows the Hainan brand and logo (2002).
The following was published on Hainan Airlines and which is expected to have its effect on Xinhua Airlines:
(Saturday 16Nov02, By Tiffany Wu, Reuters) - China's Hainan Airlines Co, partly owned by global financier George Soros, is actively talking to a group of U.S. strategic investors to take a stake in the regional carrier, its chairman said. Hainan Airlines has expanded very rapidly by buying three airlines in the past two years, and is looking for fresh capital to lower its financial burden, said Chen Feng, chairman of the Shanghai-listed carrier and its parent Hainan Air Group.
Hainan Air, with a fleet of 75 planes, is one of the best regarded of China's small regional airlines though it faces a tough future due to a overnment-driven restructuring of the aviation industry which has created three giant competitors. Foreign investors now own about 20 percent of Hainan Airlines, including a 14.8 percent stake held by Soros' American Aviation LDC, Chen said.
Hainan Air reported a 15 percent year-on-year rise in net profit for the first nine months of 2002 to 111 million yuan ($13.4 million), largely due to consolidation of books at Xinhua Airlines and Changan Airlines.
But the acquisitions, and that of Shanxi Airlines, took a toll on Hainan Air's balance sheet last year, when financing costs surged 80 percent and profit dropped 39 percent to 100.3 million yuan on revenues of 3.3 billion yuan.
For the time being and as witnessed in July 2002, China Xinhua Airlines continues to operate under its own name.
|B-2908||Boeing 737-341||26854 / 2303||Y138|
|B-2934||Boeing 737-39K||27274 / 2559||Y144|
|B-2942||Boeing 737-332||25997 / 2506||Y144|
|B-2943||Boeing 737-332||25998 / 2510||Y144|
|B-2945||Boeing 737-39K||27362 / 2639||Y138|
|B-2982||Boeing 737-36Q||28657 / 2859||Y138|
|B-2987||Boeing 737-46Q||28663 / 2922|
|B-2989||Boeing 737-46Q||28758 / 2939|
|B-2993||Boeing 737-46Q||28759 / 2981|
Fleet info: JP Airline Fleets 2002/2003