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Shandong Airlines downgrades 1H2013 profit guidance

15-Jul-2013 11:20 AM

Shandong Airlines forecast (15-Jul-2013) a 50% to 60% year-on-year decline in net profit to between CNY76 million (USD11.9 million) and CNY95 million (USD14.8 million) in 1H2013. Earnings per share is forecast to decline by 50% to 60% to between CNY0.19 (USD 3.0 cents) and CNY0.24 (USD 3.8 cents). The carrier cites the nation’s high-speed rail network, which is turning several of its routes into losses, as well as competition, which has resulted in significant declines in fares for the downgrade. [more - original PR - Chinese]