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Air China Q2 profit climbs 398.9% YOY

Air China Ltd. said its normalized net income for the second quarter amounted to 12 fen per share, a gain of 497.4% from 2 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.52 billion yuan, a gain of 398.9% from 304.9 million yuan in the year-earlier period.

The normalized profit margin increased to 7.0% from 1.2% in the year-earlier period.

Total revenue rose on an annual basis to 25.85 billion yuan from 24.73 billion yuan, and total operating expenses decreased from the prior-year period to 23.22 billion yuan from 24.31 billion yuan.

Reported net income rose 479.1% from the prior-year period to 2.26 billion yuan, or 18 fen per share, from 390.6 million yuan, or 3 fen per share.

As of Aug. 27, US$1 was equivalent to 6.41 yuan.