Friday, July 11, 2014

Air China profit rises on yuan gains

August 28. 2013 12:36AM
Associated Press

Story Tools
PrintPrint | E-MailEMail | SaveSave | Hear Generate QR Code QR
Send to Kindle

(AP) State-owned Air China says half-year profit rose 10 percent as foreign currency gains more than made up for declining passenger and cargo revenue.

The Beijing-based airline said late Tuesday that earnings from its stake in Hong Kong's Cathay Pacific Airways also contributed to January-June profit.

The company warned of tough conditions in its core business as it reported that profit rose to 1.14 billion yuan ($180 million).

The airline said profit margins in the air passenger business shrank as competition intensified while the air cargo market was weak.

Air China made 1.12 billion yuan in foreign currency gains as China's currency strengthened against the dollar.

Chinese airlines are affected by currency fluctuations because they mostly get revenue in yuan but have expenses in dollars.

Associated Press

comments powered by Disqus Commenting Guidelines
Mortgage Minute

Search for New & Used Cars

Used New All

Search Times Leader Classifieds to find just the home you want!

Search Times Leader Classifieds to find just what you need!

Search Pet Classifieds
Dogs Cats Other Animals

Social Media/RSS
Times Leader on Twitter
Times Leader on Youtube
Times Leader on Google+
The Times Leader on Tumblr
The Times Leader on Pinterest
Times Leader RSS Feeds