Marketing News
- Air China third-quarter profit down
Date: 1-Nov-2007 Sources: (Shenzhen Daily)
AIR China said yesterday its third-quarter net profit fell 27 percent year on year due to a decrease in investment returns.
Unaudited net profit for the three months ended Sept. 30 fell to 2.19 billion yuan (US$292.78 million) from 2.98 billion yuan in the same period last year, based on Chinese accounting standards.
Revenue rose to 14.47 billion yuan from 13.00 billion yuan a year earlier.
In the third quarter last year, Air China booked an investment return of 1.84 billion yuan by selling its stake in Hong Kong Dragon Airlines Ltd. Excluding the investment return from the stake sale, Air China's third-quarter net profit would rise 93 percent from the same period last year, the company said.
In the nine months to September, Air China's net profit rose to 3.49 billion yuan from 3.22 billion yuan a year earlier and revenue increased to 37.22 billion yuan from 32.29 billion yuan, the Hong Kong and Shanghai-listed company said.
Air China carried 26.3 million passengers in the January-September period, up 11 percent from the year-earlier 23.6 million. Domestic routes led the growth in passenger traffic.
In September, the firm's passenger load factor, the proportion of seats filled on its flights, rose 3.6 percentage points from a year earlier to 83.3 percent.
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