China Eastern Airlines Corporation Limited has released its 2008 annual report which shows a net loss of nearly 14 billion yuan.

The operating income of 2008 was 41.842 billion yuan, representing a decrease of 3.9% over 2007, with net loss 13.928 billion yuan. The airline's total liabilities reached 84.249 billion yuan, of which current liabilities were 54.076 billion yuan, an increase of 18.200 billion yuan over the previous year; non-current liabilities were 30.120 billion yuan, an increase of 2,700 million yuan.

The international air transport market has shrunken due to the global financial crisis, inflicting heavy losses on the company's international business. Domestic market also suffered in the fierce competition caused by the impact of serious natural disasters, emergencies and the financial crisis.

Earlier China Eastern Airlines has signed a development finance agreement with China Development Bank, under which CDB will offer 30 billion to China Eastern as financing.

(China Hospitality News April 28, 2009)