Financial and Operational Analysis



Operating Income and Net Income(Loss)

In 2019, China Airlines’ operating income was TWD 80 million (operating margin 0.05%), a decrease of TWD 1,768 million over 2018. Net loss was TWD 1,200 million (net margin -0.82%), a decrease of TWD 2,990 million over 2018.

Operating Income & Operating Margin
Operating Income & Operating Margin
Net Income(Loss) & Net Margin
Net Income(Loss) & Net Margin

Operating Revenue

In 2019, total operating revenue was TWD 146,372 million, a decrease of 2.59% yoy. Total operating costs decreased by 1.43% to TWD 146,292 million. Passenger revenue increased by 2.05% to TWD 96,177 million and cargo revenue decreased by 12.17% to TWD 43,406 million, respectively. Other revenue increased by 2.95% to TWD 6,789 million.

Operating Revenue & Costs
Operating Revenue & Costs
Revenue Composition, 2019
Revenue Composition, 2019

Passenger Business

Passenger revenue was TWD 96,177 million in 2019, an increase by 2.05% over 2018. According to the breakdown of passenger revenue by routes, Northeast Asia represented the prime market contributing 29.54%, followed by Southeast Asia, North America, and Mainland China with the contribution of 18.06%, 15.25% and 14.38%, respectively.

Passenger Revenue
Passenger Revenue
Passenger Revenue Breakdown by Routes, 2019
Passenger Revenue Breakdown by Routes, 2019

Compared with those in 2018, passenger capacity (ASK) increased by 0.35%, passenger traffic (RPK) increased by 1.88%, and passenger yield remained unchanged as 2.26 (TWD/RPK). Passenger load factor increased by 1.21 ppt to 80.75%.

Passenger Capacity & Traffic
Passenger Capacity & Traffic
Passenger Load Factor & Yield
Passenger Load Factor & Yield

Cargo Business

Cargo revenue was TWD 43,406 million in 2019, a decrease by 12.17% over 2018. According to the breakdown of cargo revenue by routes, North America represented the prime market contributing 54.64%, followed by Southeast Asia, Europe, and Mainland China with the contribution of 17.94%, 12.08% and 6.92%, respectively.

Cargo Revenue
Cargo Revenue
Cargo Revenue Breakdown by Routes, 2019
Cargo Revenue Breakdown by Routes, 2019

In 2019, cargo capacity (FATK) decreased by 3.35% yoy. Cargo Traffic (FRTK) decreased by 9.22% yoy, and cargo yield decreased by 3.35% to 8.09(TWD/FRTK). Cargo load factor decreased by 4.33 ppt to 66.99%.

Cargo Capacity & Traffic
Cargo Capacity & Traffic
Cargo Load Factor & Yield
Cargo Load Factor & Yield

Operating Costs and Employee Productivity

Operating expenses were TWD146,292 million in 2019. The three largest cost items were fuel (30.75%), rental & depreciation & amortization (20.46%), and airport & ground handling charges (13.64%). In 2019, overall unit cost increased by 0.61% yoy to 11.48 (TWD/ATK), unit cost excluding fuel cost increased by 4.33% yoy.

Categorized Breakdown of Costs, 2019
Categorized Breakdown of Costs, 2019
Overall Unit Cost
Overall Unit Cost

As of December 31st 2019, the number of average employees for 2019 was 12,166. Employee productivity, measured by ATK per employee increased by 0.59% yoy, RTK per employee decreased by 2.38% yoy, and revenue per employee slightly decreased by 0.01% yoy.

ATK & RTK per Employee
ATK & RTK per Employee
Revenue per Employee
Revenue per Employee