Source: Xinhua Author: 08/26/2009
Subject Concerned: Airlines Aviation Fuel
Shares of Air China Ltd. closed higher on the morning of Aug. 26 after the company reported more than doubled first-half-year profit from a year earlier on the late evening of Aug. 25.
Air China ended 6.25 percent higher to 7.65 yuan in the Aug. 26's morning session on the Shanghai Stock Exchange.
The Beijing-based airline said in a Hong Kong stock exchange statement on Aug. 25 that its profit in the first half of 2009 was 2.93 billion yuan (US$428 million), up 151 percent from a year earlier.
The carrier attributed the fast growth to fuel hedging gains which helped offset weaker demand on international routes and lower fuel costs which fell 42.5 percent from a year earlier.