Air China reports 2009 net profit up 155%
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China's national flag carrier Air China said Thursday it swung back into the black last year on the back of lower fuel costs and higher passenger volumes.
The country's largest carrier said net profits jumped 155 percent to 5 billion yuan (736 million U.S. dollars), compared with a net loss of 9 billion yuan in 2008 during the global economic downturn.
Revenue dropped 3.54 percent year on year to 51 billion yuan and earnings per share jumped 154.55 percent to 0.42 yuan, said its annual report filed with the Shanghai Stock Exchange.
The company said operating expenses dropped 10.38 percent to 48.9 billion yuan in 2009, with aviation fuel costs falling by 8.15 billion yuan.
The booming profits were also attributable to a recovery in domestic air travel. Passenger volume rose 14.23 percent to 41.28 million with domestic travellers increasing 19 percent to 33.37 million.
The company's stock rose 0.71 percent to 14.17 yuan per share Thursday.
