Air China forecasts doubling of 2010 net profit

Air China said in January that its estimated 2010 net profit more than doubled from a year earlier, as the nation’s passenger and cargo traffic continued to surge. The Chinese flag carrier, which had a 2009 net profit of Rmb 5.03 billion (US$759.8 million) did not provide specific earnings figures for 2010 in the preliminary […]


Air China said in January that its estimated 2010 net profit more than doubled from a year earlier, as the nation’s passenger and cargo traffic continued to surge. The Chinese flag carrier, which had a 2009 net profit of Rmb 5.03 billion (US$759.8 million) did not provide specific earnings figures for 2010 in the preliminary forecast filed to the Shanghai Stock Exchange. “Benefiting from the rapid growth of the macro-economy of China and the steady recovery of the global economy, the company was able to seize the market opportunity of a strong demand for both passenger and cargo transportation services,” it said. The company is due to release its annual earnings report in late March. China’s aviation industry has been boosted by strong economic growth with total air cargo volumes for 2011 estimated to reach 6.2 million tonnes, up from 5.6 million tonnes in 2010, while the number of passengers expected to reach 300 million this year, up from 267 million last year, according to state media.