China's Hainan Airlines Q1 net profit falls 74 pct on yr on higher fuel costs

BEIJING (XFNews) - China's Hainan Airlines Co Ltd (SHA 600221; SHB

900945), in which George Soros holds a 14.8 pct stake, said its net profit

for the first quarter fell 74 pct year-on-year to 13.69 mln yuan on the back

of higher jet fuel costs.

In its quarterly report, Hainan Airlines said its total revenue for the first three months rose 21 pct year-on-year to 2.22 bln yuan, but costs rose 31 pct from a year earlier to 1.71 bln.

The airline attributed the increasing costs to higher jet fuel prices on the back of surging crude oil prices.

Gross margins from its aviation business stood at 19.84 pct for the first quarter, with no comparative figures given, it said.

Operating profit fell to 21.75 mln yuan for the first quarter from 50.71 mln a year earlier.

Earnings per share fell 73.22 pct year-on-year to 0.02 yuan, it said.

The figures are unaudited and prepared under Chinese accounting standards.

The company did not give any forecast for the rest of the year.

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