Skymark shares soar on upgraded outlook; Air China optimistic of FY2011 profit
Asian stock markets were mixed on Thursday. Japan's Nikkei Stock Average fell 0.1%, while Australia's S&P/ASX 200 rose 0.2%, South Korea's Kospi Composite fell 0.3% and India's Sensex rose 0.4% for the largest gain in a week. Hong Kong's Hang Seng Index lost 0.3%, Taiwan's main index fell 0.1% and the Shanghai Composite index was down 1.2%.
- Asian stock markets were mixed on Thursday, with Japan's Nikkei Stock Average falling 0.1% and Australia's S&P/ASX 200 rising 0.2%.
- Skymark, a Japanese low-cost carrier, saw its shares soar 14.6% after doubling its net income forecast for the year.
- Air China's shares gained 2.8% as the carrier expressed optimism about its operational results and expected rising profits in FY2011.
- Air China also highlighted that a 1% appreciation of the Chinese yuan would result in a 2.4% increase in profits for the carrier.
- Hong Kong's Hang Seng Index lost 0.3%, Taiwan's main index fell 0.1%, and the Shanghai Composite index was down 1.2%.
- The article includes a table showing the daily share price movements of selected airlines in the Asia Pacific region.
Shares in Japanese LCC Skymark led the market, soaring 14.6% yesterday as it more than doubled its net income forecast for the 12 months ended Mar-2010 to JPY5,500 million (USD67.8 million) on the back of strong sales.
Air China's shares gained 2.8% yesterday. The carrier stated it expects 4Q2010 operational results will meet expectations and it remains optimistic of reporting rising profits in FY2011. The carrier added that for every 1% appreciation of the Chinese yuan will result in a CNY26.4 million (2.4%) increase in profits for the carrier. See related report: China's 2010 passenger forecast upgraded by 3% to 16%. Profits flowing
Asia Pacific selected airlines daily share price movements (% change): 21-Oct-2010
Source: Centre for Asia Pacific Aviation, Reuters & Financial Times