Source: Xinhua Author: 01/29/2010
Subject Concerned: Airlines
On Jan. 29, Hainan Airlines Co., Ltd, one of China's major airlines, forecast its 2009 profits would return to the black.
In a statement filed to the Shanghai Stock Exchange, Hainan Airlines gave no exact figure of its net profits in 2009.
Hainan Airlines suffered losses of 1.4 billion yuan (about US$206 million) in 2008, with earnings per share at -0.4 yuan.
The company, based in south China's Hainan Island, said profit turnaround in 2009 was attributable to recovery of China's civil aviation industry, falling oil prices and the government's supportive policies.
Despite its profit rise forecast, Hainan Airlines opened at 6.93 yuan on Jan. 29, down 1 percent from the previous close.