Shanghai Airlines' net loss more than doubled in 2008 to 870 million yuan (127.2 million U.S. dollars), the carrier said Tuesday in a statement to the Shanghai Stock Exchange.

The airline, reporting unaudited figures to the exchange, cited the impact of weak demand and fluctuating fuel prices.

The year-earlier loss was 435 million yuan, or 0.402 yuan per share. Shanghai Airlines didn't release a per-share loss figure for 2008, but it had 1.08 billion outstanding shares last year.

Besides high fuel prices for most of 2008, the carrier said results were affected by severe storms in early 2008, the Sichuan earthquake, strict security checks during the Olympics and global economic turmoil.

The company said unrealized fuel hedging losses as of Dec. 31 totaled 170 million yuan. Fuel prices plunged during the second half of last year, hurting its performance.

Source:Xinhua