Air China's third quarter loss hits 1.94 billion yuan
29/10/2008 17:14
Air China, the country's leading carrier, recorded losses of 1.94 billion
yuan (US$284 million) in the third quarter as against profits of 2.187 billion
yuan for the same period last year.
According to the quarterly report the
company released today, higher fuel costs, as a result from price hikes for oil
on international markets, and lower returns on investments due to a bearish run
on capital markets, accounted for the losses.
Lower demand for services was
also blamed for the unsatisfactory performance.
The company's losses in the
first three quarters of this year were 657 million yuan, as against profits of
3.488 billion yuan for the same period last year.
Xinhua
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