Juneyao Airlines has received approval from the board to increase the number of jets the airline will purchase over the next two years.

The Shanghai-based carrier said it will purchase five additional Airbus A320 family jets and three back-up engines, deliveries scheduled in 2016-2018, according to a statement on the Shanghai Stock Exchange.

Juneyao Airlines originally announced the purchase of four A320 jets and three spare engines, when it made a private share placement last year.

The nine aircraft and three engines are expected to cost the airline 5.98 billion yuan, of which 2.67 billion yuan have been raised. The additional funds required will be raised by the airline, it added.

Juneyao Airlines said it is purchasing more aircraft to mprove its capital efficiency and accelerate its fleet expansion.

The airline posted operating revenue of 4.75 billion yuan for the first-half year ended June 30, up 23.66 % from the previous corresponding period. Net profit rose 37.18% to 710 million yuan.

As of the end of June 2016, Juneyao Airlines has operated a fleet of 56 Airbus A320 family aircraft, while it also has five A320 family jets on order.