Alexa

Air China profits more than double

Air China profits more than double

Air China Ltd., one of China's three major state-owned carriers, said yesterday that its first-half profit more than doubled from a year earlier as lower fuel costs and fuel hedging helped make up for weaker demand on international routes.
The Beijing-based airline said its January-June profit was 2.88 billion yuan (US$422 million), compared with first-half profit in 2008 of 1.13 billion yuan (US$165 million).
Fuel purchasing costs fell 42.5 percent from a year earlier thanks to the decline in international crude oil prices, the airline said. It also saw a gain of 1.45 billion yuan (US$212 million) in the value of its fuel hedging contracts.