celebratygossips
Tuesday 22 November 2016
Airline soars on innovation
It took one year for China Eastern Air Holding Co to transform from a debt-laden group to a profit-making one.
And during the period from 2009 and 2015, its net assets surged from minus 10 billion yuan ($1.45 billion) to 53.99 billion yuan in the black.
The extraordinary u-turn is credited by its senior executives to consistent reform and development, which they said was a continuing process and remains the key to the Shanghai-based State-owned group's pursuit of loftier achievements.
"We once faced an extremely difficult situation," said Wang Haitao, deputy head of the group's strategic development department.
"At the end of 2008, China Eastern's debt-to-asset ratio reached 105 percent and the debt ratio of our listed arm China Eastern Airlines hit 115 percent."
Apart from the negative effects of rising fuel prices and falling demand, the core of the problem was that internal reform was not fully carried out, Wang said.
He said that after deepening its reform for seven consecutive years, the group posted a net profit of 6.234 billion yuan in 2015, up 103.7 percent from a year earlier. Its return on equity, or return on net worth, also posted a higher ranking among global airlines groups.
The airline released its latest reform plan this year and said it was ready to let reform play a greater role during the next five-year plan.
The planned reforms include establishing the group's own management board by the end of this year, with a guarantee its role won't overlap with that of the listed arm.
The group, Wang said, plans to embrace the Internet Plus era, launching innovation on products, technologies and business mode through industry fund and innovation fund.
The group wants to strengthen the competitiveness of its listed arm-China Eastern Airlines, and consider to introduce some strategic investors to boost the vitality of the company.
In 2015, China Eastern sold a 3.55 percent stake in China Eastern Airlines to US carrier Delta Air Lines Inc.
In the first nine months this year, China Eastern saw its capacity in North America soar 65 percent year-on-year, said Cheng Junhui, an official from the company's passenger transportation market committee.
The company signed an agreement with online trip planning and activities site Ctrip.com International Ltd in April to expand into tourism industry.
The group also made successful trial in online retailing, with its online ticket sales revenue expected to reach 8.5 billion yuan by the end of 2016, according to Wei Zhilin, general manager of China Eastern's e-commerce unit.
China Eastern Airlines will have a fleet of more than 820 planes by 2020, its passenger traffic will reach 150 million per year and its cargo and mail volumes will reach 1.6 million metric tons per year.
Jackie Chan is world's third highest paid actor
KOURTNEY AND SCOTT MI BUTT ES SU BUTT When We're in Mexico
Kourtney Kardashian and Scott Disick snuck away for a weekend trip to Mexico without the kiddos.
The on again, off again, on again couple hit up Cabo ... days after they visited their new niece, Dream Kardashian.
Looks like they contracted a case of baby fever.
RICK ROSS SLASHES PRICE OF FLORIDA MANSION ... Hustlin' Getting Desperate
Rick Ross is trying hard to hawk his Florida home at a $125k discount -- a massive loss for him.
Da Boss bought the mansion in 2008 for $1.25 mil and spent $500k on upgrades. He listed the home for $1.5 mil in 2015 and someone made an offer but it fell through, Rick put the house back on the market and a month ago dropped the asking price to $1.375.
The house is pretty sweet ... 6 bed, 5 bath 5,695 sq. ft., marble floors, gourmet kitchen, arcade room, 2 recording studios, huge pool, jacuzzi and putting green. It will be the second Florida property Ross has unloaded ... he sold his Fort Lauderdale pad for a skosh over $6 mil earlier this year.
The rapper bought Evander Holyfield's Georgia mansion in 2014 for $5.8 mil, so he's got cribs everywhere ... but like another famous rapper said -- mo money mo problems.
KYLIE JENNER Happy Birthday Tyga ... HERE'S YOUR PRESENTS!!
Jenner posted the NSFW pic Saturday -- T's 27th bday -- with a, "happy birthday baby."
KANYE WEST DR. SAYS HE TRIED TO ASSAULT STAFF ... Warned of Violence Against Cops
Kanye West's personal physician is the one who called 911, warning the dispatcher Kanye was not violent but would become violent when police arrived to help him.
Law enforcement sources tell us, the call came in as a male with mental illness. Dr. Michael Farzam said his patient's name was "Jim Jones, 39 years old, 5'8", 175 lbs ... suffers from temporary psychosis due to sleep deprivation and dehydration."
According to the police report the doctor told cops he had placed Kanye on a 5150 psychiatric hold and wanted him taken to UCLA Medical Center. We're told there's an issue over whether the doctor actually placed Kanye on a 5150.
The report goes on to say Dr. Farzam told police Kanye had attempted to assault a staff member at the gym.
We're told Kanye was handcuffed to the stretcher because it's protocol when cops are told someone is on a 5150 hold.
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