Air China net up 30.37% to RMB 3.88 bln

Chinese flag carrier Air China<601111><753> posted a 30.37% rise in 2007 net profit on Monday thanks to RMB appreciation and higher yields.

Net profit for the year stood at RMB 3.88 billion, compared with RMB 2.98 billion a year earlier. Earnings from core businesses amounted to RMB 49 billion, while other businesses contributed RMB 730 million.

It carried a total of 34.84 million passengers last year, up 10.59% year-on-year, while load ratio increased to 78.6% from 2006's 75.9%.

However, fuel costs raised 9.42% to RMB 16.27 billion. The company has taken a series of measures, such as the introduction of new fuel-efficient aircrafts to cut down on higher fuel costs.
Influenced by rising global oil prices, A-shares of Air China plunged 7.70% to RMB 14.62 on Monday.