(MENAFN- AFP) Air China, the country's flag carrier, said its net profit surged more than 720 percent year-on-year in the first half of 2015, supported by lower fuel prices.
The company made net profits of 4.19 billion yuan ($655 million) in the first half, up strongly from 510.37 million yuan in the same period last year, it said a statement filed to the Hong Kong stock exchange late Thursday.
"The global aviation industry was generally healthy with sustained growth in demand and relatively low fuel prices," Air China said, adding a recovery in the world economy and a "steady" Chinese economy supported the company.
China's growth is actually slowing. The economy expanded 7.0 percent in each of the first two quarters of this year, lower than the 7.4 percent growth last year, which was its weakest since 1990.
The airline said its operations benefited from lower oil prices, which contributed to a near 30 percent reduction in fuel costs for the first half.
Air China carried 43.67 million passengers in the first half, up 8.79 percent from the same period last year, it said.
The airline's stock gained 4.73 percent in Shanghai trading but dropped 5.00 percent in Hong Kong on Friday after the results announcement.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.