China's three largest airlines saw their net profits decline in 2012 and have a cautious outlook for this year, as negative global factors are still expected to affect the civil aviation industry. The airlines' profits declined for three consecutive years, after they posted solid figures in 2010. China Eastern Airlines's net profit decreased 29.81 per cent year-on-year to 3.43 billion yuan (approx. US$547 million), the lowest drop among the three major carriers. China Southern Airlines's net profit was down 48.22 per cent year-on-year to 2.63 billion yuan (approx. US$426 million), while Air China posted a net profit of 4.95 billion yuan (approx. US$803 million), a decrease of 33.82 per cent compared with the previous year. The airlines attributed the lackluster results to the global economic turmoil and high prices of jet fuel last year.
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