Air China expects loss in first three quarters
16/10/2008 16:00
Air China, the country's flagship air carrier, said it expected to post a
loss for the first three quarters because of lower passenger volume and high
fuel cost.
In a statement to the Shanghai Stock Exchange today, the
state-owned airline attributed the loss to high fuel cost, the Sichuan
earthquake, market fluctuations during the Olympic Games and the global
financial crisis.
The Beijing-based carrier posted a net profit of 1.28
billion yuan (US$187.3 million) in the first half of 2008, down 1.38 percent
from the same period last year.
Based on the Chinese accounting standard, its
net profit was 3.488 billion yuan, or 0.287 yuan per share, in the first nine
months last year.
The company was slated to release third quarter results on
Oct. 29.
Air China plunged 6.17 percent to 4.87 yuan at the noon break today
after the earnings forecast.
Xinhua
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