TAIPEI (Taiwan News) — Taiwan’s two major airlines reported record net profits in the first half of 2024.

In a statement, EVA Air said its consolidated net profit was NT$13.38 billion (US$412.33 million) with earnings per share (EPS) at NT$2.31. The airline said its consolidated revenue reached NT$107.289 billion, an increase of 15.3% compared to the same period last year. 

Air cargo benefited from increased demand driven by Chinese e-commerce, AI shipments, and a spillover effect from congested sea ports shifting to air freight, EVA Air said. This led to an overall demand for air cargo, boosting both volume and freight rates. The cargo volume increased by 15.4% year-on-year, and unit revenue grew by 1.8%, increasing cargo revenue to NT$3.41 billion.

In July, EVA Air's consolidated revenue reached NT$19.875 billion, compared to NT$18.691 billion in consolidated revenue for the same period last year. Passenger revenue reached NT$13.271 billion, up 2.91% month-on-month, while cargo revenue reached NT$4.608 billion, up 2.67% month-on-month. 

In July alone, the airline saw an overall passenger load factor of nearly 90%, with stable growth in long-haul routes to Europe, the United States, and Australia. 

There was also strong demand for popular tourist destinations in Japan and Southeast Asia, including Bali, Da Nang, Cebu, and Chiang Mai. The Hong Kong and Macau routes saw a significant increase in bookings from families traveling during the summer holidays, the airline added.

Meanwhile, China Airlines reported a consolidated net profit of NT$7.141 billion, with an EPS of NT$1.08. The airline made a consolidated operating revenue of NT$98.913 billion for the first half of 2024.

China Airlines explained that the passenger market continued to benefit from strong travel demand following last year's trends, bolstered by extended holiday periods during the Lunar New Year, Tomb-Sweeping Day, and Dragon Boat Festival. This sustained high demand led to a significant increase in passenger revenue, reaching NT$64.676 billion, up 17.01% compared to the same period last year. The top three revenue-generating regions were Northeast Asia, North America, and Southeast Asia.

The cargo market faced challenges at the beginning of the year including inflation and interest rate hikes. However, starting in the second quarter, the air cargo market saw a boost from increased shipments of e-commerce and electronic products, resulting in a significant 19.98% increase in overall cargo revenue compared to the previous quarter.

China Airlines expressed optimism about continued positive growth in passenger operations in the second half of 2024. On July 14, the airline launched a new route to Seattle, bringing the total number of weekly flights to over 40 between North America and Canada. 

Additionally, the airline aims to capture the transfer market, providing services for passengers traveling between North America and Southeast Asia, Northeast Asia, and cross-strait routes.