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China Eastern Airlines cuts investment to curb losses

(Xinhua)
Updated: 2009-04-16 15:53

China Eastern Airlines has announced that it has slashed costs and investments by more than 800 million yuan ($117.09 million)in the last four months to offset huge losses last year.

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The company said no jobs would be lost in the cost-cutting program, which ran from December till the end of March, said Li Jiang, a China Eastern public relations manager.

However, the company would encourage staff aged 57 or over to retire, but the details of the plan had yet to be finalized, said Li.

The airline would cut aircraft purchases to a maximum of 13 in 2009, at least 10 fewer than previously planned.

The company had also suspended 29 investment projects with a total value of 3.15 billion yuan, including establishing a branch company in Tibet.

"There is little room in further cost cutting, but we will try to increase income by expanding our market share," said Li...

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