Air China results soar in 1H2010

Air China revenue soars 50.5% - financial highlights for the six months ended 30-Jun-2010:

• Revenue*: USD5,089 million, +50.5% year-on-year;
• Operating costs: USD4,489 million, +51.2%;
  • Fuel: USD1,553 million, +74.0%;
  • Labour: USD607.3 million, +41.3%;
• Operating profit: USD600.1 million, +45.4%;
• Net profit: USD674.9 million, +60.3%;
• Total assets: USD20,936 million, +32.6% when compared with period ended 31-Dec-2009;
• Cash and cash equivalents: USD830.2 million, +109.6% when compared with period ended 31-Dec-2009;
• Total liabilities: USD16,869 million, +37.4% when compared with period ended 31-Dec-2009. [more]

*Based on the average conversion rate at USD1 = CNY6.83474 during the reporting period

Air China: "The global aviation industry is facing various uncertainties in the second half of this year. Rising oil price, exchange rate fluctuations and natural disasters would have considerable impact on the aviation industry. The group will continue to adhere to its prudent operation strategy, actively seek new market growth opportunities, endeavor to improve its service and strengthen and expand its competitive strengths, and strive to make better returns to its shareholders and the society," Company statement. Source: Air China, 26-Aug-2010.