Air China Q1 profit up 147% on stronger yuan
Updated: 2008-04-25 11:46
BEIJING -- Air China Ltd., the country's largest international airline, said first-quarter profits soared 147 percent, helped by the stronger yuan and booming travel demand.
Net income rose to 1.04 billion yuan ($149 million), or 0.09 yuan per share, in the first three months ended on March 31, the Beijing-based carrier said in a statement to the Shanghai Stock Exchange on Friday, citing domestic accounting standards.
China's economy, which slowed but still grew 10.6 percent in the first quarter, has made business trips and holiday travels by air affordable to more residents.
The Chinese currency, the yuan, has gained 4.5 percent this year, reducing the value of Air China's repatriated dollar-denominated debts.
Air China surged by the ten percent daily limit in Shanghai trading on Thursday, following the stamp tax cut of stock transactions.
The nation's second-largest carrier by fleet size said in mid March that net profits rose 30.37 percent to 3.88 billion yuan last year.
China Southern Airlines Co., the country's largest carrier by fleet, said Sunday first-quarter profit soared 523 percent to 796 million yuan.
Chin Eastern Airlines Corp., the smallest of the nation's three largest state-owned airlines, is expected to release first-quarter results on April 29.
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