China's civil aviation industry saw revenues and profits rise rapidly in the first quarter, thanks to declining oil prices and booming market.

The industry racked up profits of 530 million yuan (68 million U.S. dollars) in the first quarter, compared with losses of 1.34 billion yuan in the same period of last year, according to figures from the General Administration of Civil Aviation (CAAC).

Takings of major businesses in the industry shot up 19.6 percent to 57.5 billion yuan in the first quarter, while its costs rose 16.6 percent to 56.9 billion yuan.

Chinese airlines reported losses of 820 million yuan, down from 2.14 billion yuan in the same period last year.

The airlines carried 40.9 million passengers, up 15.9 percent, and 858,000 tons of cargo, up 13.3 percent, in the first three months.

Operating costs were down in the first quarter because the government slashed the price of jet fuel by 180 yuan per ton at the beginning of this year.

Ma Xiaoli, an analyst with CITIC Securities, said earlier this year that for every 100 yuan per ton increase in fuel prices, annual profits decreased 220 million yuan for China Eastern, 250 million yuan for China Southern and 180 million yuan for Air China.

Source: Xinhua