Air China profit rises on yuan gains - WAOW - Newsline 9, Wausau News, Weather, Sports

Air China profit rises on yuan gains

Posted:
HONG KONG (AP) -

State-owned Air China says half-year profit rose 10 percent as foreign currency gains more than made up for declining passenger and cargo revenue.

   The Beijing-based airline said late Tuesday that earnings from its stake in Hong Kong's Cathay Pacific Airways also contributed to January-June profit.

   The company warned of tough conditions in its core business as it reported that profit rose to 1.14 billion yuan ($180 million).

   The airline said profit margins in the air passenger business shrank as competition intensified while the air cargo market was weak.

   Air China made 1.12 billion yuan in foreign currency gains as China's currency strengthened against the dollar.

   Chinese airlines are affected by currency fluctuations because they mostly get revenue in yuan but have expenses in dollars.

Powered by WorldNow
All content © Copyright 2000 - 2014 WorldNow and WAOW. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service and Mobile Privacy Policy & Terms of Service.

Persons with disabilities who need assistance with issues relating to the content of this station's public inspection file should contact Chief Engineer Russ Crass at 715-842-2251. Questions or concerns relating to the accessibility of the FCC's online public file system should be directed to the FCC at 888-225-5322, at 888-835-5322 (TTY) or at fccinfo@fcc.gov.