Shanghai Airlines has said it has plunged into the red last year because of rising fuel prices and fierce competition. The airline made a net loss of 435.1 million yuan (US$62 million) in 2007, compared with a profit of 9.3 million yuan in 2006,although revenues surged 23 per cent to12.3 billion yuan on the back of strong traffic growth. Th e carrier said tough price competition caused it to lose money on its new Shanghai-Hong Kong route last year, while losses at its new international air cargo subsidiary took 90 million yuan off the airline’s bottom line.
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