Air China announces Q1 2012 results, profit dips

Air China flights could not make big gains in the first quarter of 2012. The airline recently announced its operational results for Q1 this year amid a pessimistic note. The airline said that its quarterly profit was down 85 percent because of high fuel costs.

The airline in a statement said that its profit for the three months ending March 31, 2012 was $37.9 million (239.1 million Yuan), or 0.15 cents (0.01 Yuan) per share. However, its revenue increased 7.5 percent to $3.6 billion (22.9 billion Yuan) in Q1 2012, as compared to the same period in 2011.
Other leading Chinese carrier China Southern Airlines also declared its operational results for the first quarter this year, and was displeased at the outcome.

China Southern Airlines, which is China’s biggest carrier by number of passengers, reported that its profit in the three months ended March 31, 2012 declined 74 percent to $50.6 million (319 million Yuan) in Q1 2012, as compared to the same period a year earlier.