Air China Ltd operating profit almost halved in 1H2013

Air China Ltd revenue down 2% - financial highlights for six months ended 30-Jun-2013:

• Revenue: CNY46,019 million (USD7370 million), -2.0% year-on-year;
• • Passenger: CNY40,736 million (USD6524 million), -1.7%;
  • Cargo: CNY3729 million (USD597.3 million), -2.9%;
• Total operating costs: CNY44,592 million (USD7142 million), +0.9%;
• • Fuel: CNY16,372 million (USD2622 million), -8.1%;
  • Labour: CNY6198 million (USD992.7 million), +3.9%;
• Operating profit: CNY1427 million (USD228.5 million), -49.0%;
• Net profit: CNY1145 million (USD183.4 million), +9.9%;
• Passenger numbers: 37.5 million, +7.8%;
• Passenger load factor: 81.1%, +1.1 ppt;
• Passenger yield: CNY0.60 (USD 9.6 cents), -9.1%;
• Cargo load factor: 57.3%, +0.4 ppt;
• Cargo yield: CNY1.58 (USD 25.3 cents), -7.1%;
• Total assets: CNY196,763 million (USD31,514 million);
• Cash and cash equivalents: CNY13,903 million (USD2227 million);
• Total liabilities: CNY141,946 million (USD22,734 million). [more - original PR]

*Based on the average conversion rate at USD1 = CNY6.2437

Air China Ltd: "In the second half of 2013, faced with the intense market competition, the Group will continue to implement measures to maintain its steady business growth and revenue and further stimulate management potential and innovation vitality by accelerating structural adjustment, boosting operational efficiency, enhancing marketing capability and improving services in a bid to seize opportunities in the peak season, achieve a better performance and maintain its strategic leading advantage." Source: Company statement, 27-Aug-2013.