Air China sees profits sink 32 per cent

Air China Cargo reporting losses of 349 million yuan (US$56.1 million) for the full year 2013.


Air China Air China Cargo Cathay Pacific


Beijing-based Air China said net profit sank 32 per cent for the full year 2013 to 3.26 billion yuan (US$524.6 million) as revenue per passenger slid and air cargo operations bled from soft demand and overcapacity in the industry. Air China Cargo, in which Cathay Pacific Airways has a 49 per cent stake, continued to suffer from weak demand and overcapacity in the market, reporting  losses of 349 million yuan for the period. Cargo yield dropped to 1.57 yuan from 1.69 yuan. The carrier uplifted 1.46 million tonnes of cargo, down 0.3 per cent on the year, with cargo yield dropping to 1.57 yuan from 1.69 yuan.