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Air China predicts net profit leaps 20 times in first half year |
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17:48, July 25, 2007 |
Air China, the nation''s largest international air carrier, announced on Wednesday it is expecting a 20-fold increase in first-half net profits over the same period last year.
The company said in a statement to the Shanghai Stock Exchange that the huge increase was mainly due to strong market demand, the appreciating yuan and higher investment earnings.
Its net profit in the first half last year was 45 million yuan, or 0.005 yuan per share on 9.43 billion shares.
Total shares had expanded to 12.25 billion with the issuance of A shares on the Shanghai Stock Exchange in August last year and H shares to Cathay Pacific in September.
The appreciation of China''s currency, the yuan, had helped to shrink large U.S.-dollar-denominated debts of Chinese airlines, according to the China International Capital Corporation.
Chinese airlines started to report huge rises in net profits this year after record oil prices resulted in low profits or even losses last year.
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