Hainan Airlines operating profit down 51% in 1Q2012

Hainan Airlines revenue up 23% - financial highlights for three months ended 31-Mar-2012 (according to Chinese Accounting Standards):

• Operating revenue: CNY7062 million (USD1121 million), +22.7% year-on-year;
• Operating costs: CNY5508 million (USD874.6 million), +27.8%;
• Operating profit: CNY199.7 million (USD31.7 million), -51.1%;
• Net profit: CNY175.6 million (USD27.9 million), -35.7%;
• Total assets: CNY81,201 million (USD12,894 million), -0.1% when compared to period ended 31-Dec-2011;
• Total liabilities: CNY66,911 million (USD10,625 million), +0.3% when compared to period ended 31-Dec-2011.

*Based on the average conversion rate at USD1 = CNY6.2976