Air China operating profit down 36% in 1H2012

Air China revenue up 4% - financial highlights for six months ended 30-Jun-2012:

• Revenue: CNY47,327 million (USD7509 million), +3.8% year-on-year;
  • Domestic: CNY32,101 million (USD5093 million), +6.5%;
  • International: CNY12,706 million (USD2016 million), -2.7%;
  • Hong Kong, Macau and Taiwan: CNY2520 million (USD399.8 million), +6.0%;
• Operating costs: CNY44,747 million (USD7100 million), +7.6%;
  • Fuel: CNY17,813 million (USD2826 million), +9.6%;
  • Labour: CNY6398 million (USD1015 million), +15.7%;
• Operating profit: CNY2580 million), 409.3 million), -35.7%;
• Net profit: CNY944.5 million (USD149.9 million), -76.7%;
• Passenger load factor: 80.0%, -0.7 ppt;
• Passenger yield: CNY0.66 (USD10.47 cents), +1.5%;
• Cargo load factor: 56.9%, -2.6 ppts;
• Cargo yield: CNY1.70 (USD 26.97 cents), -6.1%;
• Total assets: CNY180,449 million (USD28,630 million), +2.6% when compared to period ended 31-Dec-2011;
• Cash and cash equivalents: CNY11,653 million (USD1849 million), -24.6% when compared to period ended 31-Dec-2011;
• Total liabilities: CNY132,502 million (USD21,023 million), +3.9% when compared to period ended 31-Dec-2011. [more - Original PR]

*Based on the average conversion rate at USD1 = CNY6.3027 for the period

Air China: "In the second half of this year, we foresee that the operating environment for the global aviation industry will remain both challenging and complex. The future movement of jet fuel prices will continue to have a considerable impact on the aviation industry's performance. At the same time, interest rate and exchange rate fluctuations will cast uncertainties on our operations. In view of such challenges, our Group will aim at growing steadily while grasping market opportunities and pursuing strategic developments so as to achieve better performance and results." Source: Company statement, 28-Aug-2012.