Air China shares rise despite poor first half
Print Edition
SHARES in Air China closed higher in Hong Kong yesterday even after the mainland’s flag carrier reported a 55 percent drop in first-half net profit.
Based on international accounting standards, the company recorded 510.4 million yuan (US$83 million) in net profit for the first six months, it announced late on Tuesday in a filing to the Hong Kong exchange where it is listed. This compared with 1.14 billion yuan in the first half of last year.
Although revenue grew 8.5 percent year on year to 49.9 billion yuan in the first half, passenger yield — a measure of the average fare paid per mile by passengers — dropped 3.33 percent to 0.58 yuan from a year earlier, it said.
The results were in line with a profit warning issued in July, when it forecast a drop of 55-65 percent caused by forex losses as the yuan weakened. Using Chinese accounting standards, net profit was 474.38 million yuan, down from 1.12 billion yuan in the same period of last year.
Shares in the carrier closed up 0.21 percent at HK$4.89, while the overall Hang Seng Index ended down 0.62 percent.
A 2.5 percent decline in the yuan resulted in a net exchange loss of 721 million yuan, compared with a net gain of 1.1 billion yuan a year earlier.
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