Shandong Airlines reports sharp profit decline in 1Q2012

Shandong Airlines revenue up 18% - financial highlights for three months ended 31-Mar-2012 (according to Chinese Accounting Standards):

• Operating revenue: CNY2389 million (USD378.3 million), +17.5% year-on-year;
• Operating costs: CNY2310 million (USD366.9 million), +27.0%;
• Operating profit: CNY79.2 million (USD12.6 million), -63.3%;
• Net profit: CNY62.9 million (USD10.0 million), -62.9%;
• Total assets: CNY9700 million (USD1540 million), -0.7% when compared to period as at 01-Jan-2012;
• Total liabilities: CNY7588 million (USD1205 million), -1.8% when compared to period as at 01-Jan-2012.

*Based on the average conversion rate at USD1 - CNY6.2976 for the period