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Air China H1 net profit up slightly despite rising fuel cost
CHINA's flag carrier Air China has posted a net profit of CNY3.9 billion (US$596 million) in the first half of the year, up 3.3 per cent from CNY3.8 billion over the same period last year.
The airline recorded a turnover of CNY58.7 billion in the first half of 2017, an increase of 8.8 per cent from the same period last year. Air passenger revenue was up 8 per cent year on year to CNY51 billion, while air cargo revenue went up by 19.7 per cent to CNY4.5 billion. Operating expenses increased by 15.1 per cent CNY53 billion, up from CNY46 billion, mainly due to the rise in jet fuel oil.
Jet fuel cost recorded a year-on-year increase of CNY3.9 billion, up by 40.1 per cent from the same period last year.
"In the first half of 2017, the China passenger aviation market continued to show strength in demand and supply while cargo business showed signs of recovery, outbound travel demand continued to rise, and international traffic grew steadily," the Beijing-based airline said in a statement to the Hong Kong stock exchange, where it is listed.
"In spite of unfavourable factors such as higher jet fuel prices, the group has delivered solid results for the period."
The airline recorded a turnover of CNY58.7 billion in the first half of 2017, an increase of 8.8 per cent from the same period last year. Air passenger revenue was up 8 per cent year on year to CNY51 billion, while air cargo revenue went up by 19.7 per cent to CNY4.5 billion. Operating expenses increased by 15.1 per cent CNY53 billion, up from CNY46 billion, mainly due to the rise in jet fuel oil.
Jet fuel cost recorded a year-on-year increase of CNY3.9 billion, up by 40.1 per cent from the same period last year.
"In the first half of 2017, the China passenger aviation market continued to show strength in demand and supply while cargo business showed signs of recovery, outbound travel demand continued to rise, and international traffic grew steadily," the Beijing-based airline said in a statement to the Hong Kong stock exchange, where it is listed.
"In spite of unfavourable factors such as higher jet fuel prices, the group has delivered solid results for the period."
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