Air China warns 1H profit could drop more than 50%
Published: July 19, 2012
Air China (CA) has warned its first-half profit could drop more than 50% compared to a net income of CNY4.06 billion ($ 643 million) in the year-ago period, according to a CA statement released by the Shanghai Stock Exchange.
The carrier cited slowdown of domestic market demand, decline of international market demand, high fuel prices and a slowdown of yuan appreciation for the forecast. CA will release its detailed first-half financial report at the end of August.
Chinese carriers reported a collective profit of CNY3.78 billion in the first half, down 70.5% from a net income of CNY12.83 billion year-over-year ( ATW Daily News, July 16 ).
In April, China Southern Airlines and China Eastern Airlines said their first-half net income would dip more than 50% compared to the same period last year ( ATW Daily News, April 25 ).