China LCC Spring Airlines reported a 2019 first-quarter net profit of CNY474.5 million ($69 million), up 23.1% compared to CNY385.5 million in the year-ago quarter. After reducing non-recurring items, profits rose 18.1% year-over-year (YOY) to CNY460 million.

The privately owned carrier posted a 12.7% YOY increase in operating revenue to CNY3.6 billion; operating costs grew 10.2% YOY from CNY2.7 billion to CNY3 billion.

Spring Airlines was the only major Chinese carrier in 2018 that saw profit growth as other state-owned airlines reported profits down by more than 50%.

The first three months of 2019 also saw similar trends for the top three Chinese carriers, which reported profits grew by no more than 5%.

Chen Chuanren,