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Air China Q1 profit climbs 1,259.9% YOY

Air China Ltd. said its first-quarter normalized net income was 1.21 billion yuan, a gain of 1,259.9% from 88.7 million yuan in the prior-year period.

Normalized net income excludes unusual gains or losses on a pre- and after-tax basis.

The normalized profit margin climbed to 5.1% from 0.4% in the year-earlier period.

Total revenue grew year over year to 25.26 billion yuan from 24.42 billion yuan, and total operating expenses decreased 5.1% from the prior-year period to 22.03 billion yuan from 23.23 billion yuan.

Reported net income grew 1,707.0% from the prior-year period to 1.68 billion yuan, or 14 fen per share, from 92.7 million yuan, or 1 fen per share.

As of April 29, US$1 was equivalent to 6.20 yuan.