Shandong Airlines operating profit up 21% in 2011

Shandong Airlines revenue up 33% - financial highlights for 12 months ended 31-Dec-2011 (according to China Enterprise Accounting Standards):

• Total operating revenue: CNY9667 million (USD1498 million), +32.6% year-on-year;
• Total operating costs: CNY8674 million (USD1344 million), +34.2%;
• Operating profit: CNY994 million (USD154.0 million), +20.7%;
• Net profit: CNY771.2 million (USD119.9 million), +21.6%;
• Total assets: CNY9773 million (USD1514 million), +9.5%;
• Total liabilities: CNY7724 million (USD1196 million), +2.9%.

*Based on the average conversion rate at USD1 = CNY6.4554 for the period

Shandong Airlines stated it received CNY21.7 million (USD3.4 million) in government grants in 2011, an increase of 35.5% year-on-year. The grants consisted of CNY7.7 million (USD1.2 million) in subsidies for branch route aviation, which was 19.1% less than the previous year.