Jan. 13, 2012 (China Knowledge) - HNA Group, the parent company of Hainan
Airlines Co Ltd<600221
>, the fourth-biggest carrier in the country, said yesterday at 2011 annual conference that its operating revenue reached more than RMB 100 billion last year, 35% more than RMB 64.7 billion in 2010.
As of December 31, 2011, the large-scale group had over RMB 260 billion in assets, more than RMB 201.46 billion the company had at the end of 2010.
Board Chairman Chen Feng said the group has sufficient funds with debt/asset ratio remaining below 80%, adding that nearly 200 small and unprofitable branches were shut down last year to optimize the group's debt structure.
At the end of last year, HNA Group, which principally operates the businesses of aviation, logistics and finance, had about 350 aircraft with passenger throughput totaling 38.8 million in the year. The company had also owned 35 vessels as of December 31, 2011 with a total capacity of 1.9 million dead weight tons.
About 388 department stores are operated by HNA Group, sources reported.