Hainan Airlines reports mixed profits in 2011, targets USD542m profit in 2012

Hainan Airlines revenue up 21% - financial highlights for 12 months ended 31-Dec-2011:

• Operating revenue: CNY26,273 million (USD4070 million), +21.0% year-on-year;
  • Passenger: CNY23,276 million (USD3606 million), +24.1%;
  • Cargo: CNY922.9 million (USD143.0 million), +11.7%;
• Operating costs: CNY19,498 million (USD3020 million), +25.9%;
• Operating profit: CNY3192 million (USD494.5 million), +13.9%;
• Net profit: CNY2631 million (USD407.6 million), -12.7%;
• Total assets: CNY81,297 million (USD12,594 million), +13.6%;
• Total liabilities: CNY66,725 million (USD10,336 million), +14.8%;
• Passenger numbers: 20.5 million, +10.0%;
• Passenger load factor: 84.2%, +2.5 ppts;
• Cargo volume: 292,000 tonnes, +3.4%;
• 2012 forecast:
  • Passenger numbers: 22.2 million;
  • Cargo volume: 331,000 tonnes;
  • Number of flights: 166,900;
  • Flight hours: 413,300 hours.

*Based on the average conversion rate at USD1 = CNY6.4554 for the period

Hainan Airlines is also targeting CNY3500 million (USD542.2 million) in profit in 2012 (Carnoc.com, 31-Mar-2012).