Air China Q3 profits fall
October 28th, 2011 - 1:26 pm ICT by IANSBeijing, Oct 28 (IANS) Air China Ltd, China’s largest airline, said Friday its net profits in the third quarter of 2011 decreased 26.46 percent year-on-year due to weak international demand and investment losses.
Its Q3 net profits totaled 3.8 billion yuan ($590 million). In the first nine months its profits slumped 20.26 percent year-on-year to 7.86 billion yuan, Xinhua reported.
Its sales revenue in the third quarter rose 13.36 percent year-on-year to 28.14 billion yuan.
The company said its profits were dragged down by lower contributions from its associate airline, Hong Kong-based Cathay Pacific, following a global air traffic recession this year.
The company also suffered a decrease in its fair value of 1.02 billion yuan in the third quarter due to losses in aviation fuel hedge trading.
- Chinese banks post record profits - Feb 19, 2012
- Chinese aviation industry profits shrink - May 08, 2012
- China Mobile profits go up - Mar 16, 2012
- Chinese vehicle manufacturer's 2011 profits slump - Mar 02, 2012
- China's industrial profit goes up in 2011 (Lead) - Feb 03, 2012
- China's 2011 fiscal revenue hits $1.64 trillion - Jan 20, 2012
- China unveils list of top 500 companies - Sep 04, 2011
- Wipro net up eight percent in fourth quarter - Apr 25, 2012
- Infosys net up 33 percent in third quarter - Jan 12, 2012
- Listed Chinese companies see narrowing profits - Apr 23, 2012
- LG Electronics' earnings turns into red in Q3 - Oct 26, 2011
- Tata Steel posts Rs.6 billion Q3 net loss - Feb 09, 2012
- Infosys net up 14 percent in third quarter - Jan 13, 2011
- China's crude steel output went up in 2011 - Jan 23, 2012
- Wipro net profit up 10 percent in third quarter - Jan 20, 2012
Tags: air china, air traffic, airline, aviation fuel, beijing, cathay pacific, china ltd, first nine months, global air, hong kong, investment losses, net profits, q3 profits, recession, rose 13, xinhua, yuan