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Air China's Q1 net profit plunges 85.70%

Apr. 27, 2012 (China Knowledge) - Air China Ltd<601111><0753>, the largest carrier in the country by market value, has announced that its net profit fell 85.70% year on year to RMB 239 million in the first quarter of this year.

The air carrier said that the significant decline in net profit was due to rising aviation oil prices as well as decreases in exchange gains and investment income.

The company's operating revenue was RMB 22.90 billion in the first three months, up from RMB 21.25 billion in the same period of 2011.

The company also said that it plans to raise RMB 1.05 billion by issuing 189 million shares to its parent company China National Aviation Corp at RMB 5.57 per pierce through a private placement. The company plans to use RMB 1 billion of the proceeds to repay bank loans.

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