Mesa Air Group has announced that it plans to sell its shares of the joint-venture Kunpeng Airlines to the other shareholder, Shenzhen Airlines.
Mesa Air Group posted its financial results for the quarter ended June 30, 2008 and said the loss was USD3.7 million. Jonathan Ornstein, chairman and chief executive officer of Mesa Air Group, said that main factors included relatively high fuel costs and its subsidiary in Hawaii with the loss of USD7.4 million.
There are no details published by the group for the selling price of its shares of Kunpeng Airlines. It is reported that Mesa Air Group and Shenzhen Airlines have signed a letter of intent.
Built by Shenzhen Airlines and Mesa Air Group, Kunpeng Airlines is based at Xianyang International Airport and it focuses on regional flights, passengers and freight services, as well as charter flights. And recently, Kunpeng Airlines said that it will move its operational base to Zhengzhou.