Chinese carriers reported a collective net profit of RMB 32.03 billion (USD 4.86 billion) in 2015, up 75.1% over the net income of RMB 18.29 billion in 2014 in the face of “the slowdown of global economic growth” and “mounting domestic economic downward pressure,” according to Civil Aviation Administration of China (CAAC).

Industry analysts credited “lower fuel price” and “continuous robust growth of market demand, especially market demand on international routes” as the main reasons for domestic airlines’ much improved performance.

Chinese carriers transported a total of 436.18 million passengers, up 10.6% over 2014. Average passenger load factor increased by 0.7 points to 82.1%. Cargo traffic volume jumped 5.9% to 6.293 million tonnes.

Domestic airlines took delivery of 280 more new aircraft in 2015, expanding the total fleet to 2,650 aircraft as of Dec. 31, 2015.

China’s four major carriers all reported big profit increases in 2015. Air China has reported a 2015 net profit of RMB 6.77 billion (USD 955 million), up 77% compared to net income of RMB 3.82 billion in 2014, while China Eastern Airlines reported a net profit of RMB 4.54 billion (USD 64 million) in 2015, up 33% compared to net income of RMB 3.42 billion in 2014. China Southern Airlines reported a net profit of RMB 3.85 billion (USD 593 million) in 2015, more than doubled from a net income of RMB 1.77 billion in 2014. Hainan Airlines reported a 2015 net profit of RMB 3 billion (USD 462 million) in 2015, up 16% from a net income of RMB 2.59 billion in 2014.