Jul. 18, 2012 (China Knowledge) - Air China Ltd<601111
>, the largest carrier in the country by market value, announced that it expects its net profit to reduce over 50% in the first half of 2012, source reported.
In a statement filed with Shanghai Stock Exchange
, the air carrier said that the huge decline was due to the slowing growth in domestic market demands, higher fuel prices and an exchange loss caused by the depreciation of RMB against the U.S. dollar.
In the first six month of 2011, Air China realized RMB 4.06 billion in net profit and earnings per share were RMB 0.33.
In the first quarter of this year, the company's operating revenue rose 7.7% YoY to RMB 22.89 billion, while its net profit fell 85.7% YoY to RMB 239 million, China Knowledge reported earlier