Air China 1H2009 revenue down 9.6%

Air China revenue down 9.6% - financial highlights for the six months ended 30-Jun-2009:

• Revenue: USD3,383 million, -9.6% year-on-year;
  • Other: 278.2 million, +61.9%;
    • Government grants and subsidies: USD142.2 million, +629.7%;
• Operating costs: USD2,971 million, -20.9%;
  • Fuel: USD892.9 million, -42.5%;
  • Labour: USD430.0 million, +14.9%;
• Operating profit: USD412.9 million, compared to a loss of USD12.3 million in the previous corresponding period;
• Profit before tax: USD390.5 million, +98.1%;
• Net profit: USD421.4+155.3%;
• Capacity (ASKs): +6.4%;
• Passenger load factor: 74.3%, -0.7 ppt;
• Yield per RPM: USD 7.9 cents, -11.9%;
• Cargo yield per FTK: USD 19.0 cents, -34.7%.
• *Based on the conversion rate at USD1 = CNY6.83. [more] [more - Perspective]

Air China: "In the second half of this year, the Group anticipates the impact of the global financial crisis on international air passenger and cargo business will continue. Despite the increase in demand in the domestic air passenger market, the overly rapid increase in traffic capacity by the domestic airlines and the intensified price competition will affect the ability of the Company to improve its yield. Meanwhile, the fluctuation of the exchange rate as well as the rising of fuel price will further increase the difficulty of the Group's operation," Kong Dong, Chairman. Source: Air China, 25-Aug-2009.