Air China expects '200%' profit increase in 2010 to USD2.2bn
Air China stated (13-Jan-2011) it expects net profitability in 2010 to be more than 200% higher than 2009 figures on increased travel demand for passenger and cargo transport and synergies created from the takeover of Shenzhen Airlines. The carrier reported a net profit of CNY5029 million (USD761.1 million) in 2009, equal to CNY0.42/share, meaning a profit of around USD2.2 billion is anticipated for FY2010. Full 2010 results will be released later this quarter. [more]
Air China: "In 2010, benefiting from the rapid growth of the macro-economy of China and the steady recovery of the global economy, the company was able to size the market opportunity of a strong demand for both passenger and cargo transportation services. The company achieved a substantial increase in its operating profit for the year of 2010 through active production organisation, effective marketing and further exploration of its cost potential. In addition, we increased our shareholding in Shenzhen Airlines Company Limited becoming its controlling shareholder, the synergy created by which also contributed to the improvement of the annual results of the company," Company Statement, 13-Jan-2011.