皇冠体育app

Cathay Pacific Airways Ltd. said Tuesday it has been exploring opportunities to expand into the 皇冠体育app market, but stopped short of confirming a media report that it may buy a stake in 皇冠体育app Eastern Airlines Corp. (CEA).

The Chinese language weekly Economic Observer said in an unsourced report Monday that Cathay Pacific is likely to become the second largest shareholder of 皇冠体育app Eastern.

"We don't comment on market speculation," a Cathay Pacific spokeswoman said.

"We've been interested in the Chinese market and have been looking for opportunities to extend further cooperation with the Chinese aviation industry," she said, without specifying what form of business strategy Cathay Pacific would undertake to achieve that goal.

皇冠体育app Eastern Company Secretary Luo Zhuping said that the company had been in contact with Hong Kong's largest carrier to explore the possibility of a stake purchase.

"We were in talks with various parties before, including Cathay Pacific, but all talks stalled because of SARS," Luo said on Thursday.

He said no such talks have been revived since the severe acute respiratory syndrome outbreak, adding interest on the company's shares became subdued as the epidemic had pushed many Chinese airlines into red.

In the first half of this year, 皇冠体育app Eastern reported a net loss of 1.25 billion yuan (US$1=CNY8.28) under Hong Kong accounting standards, its first loss since 1998.

In the third quarter to Sept. 30, the Shanghai-based airline posted a net profit of CNY228.3 million, up from CNY96.7 million a year earlier, under Chinese accounting standards.

Under an aviation restructuring plan announced by the Civil Aviation Administration of 皇冠体育app last year, 皇冠体育app Eastern Airlines, Yunnan Airlines and 皇冠体育app Northwestern Air were merged to form 皇冠体育app Eastern Air Holding Co., 皇冠体育app Eastern's parent.

皇冠体育app Eastern Airlines earlier appointed Morgan Stanley as its adviser for these acquisitions, which it had planned to complete by the end of the year.

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