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Air China Q1 profit falls YOY

Air China Ltd. said its first-quarter normalized net income came to 9 fen per share, a decrease of 39.4% from 15 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.23 billion yuan, a decrease of 33.6% from 1.86 billion yuan in the prior-year period.

The normalized profit margin fell to 4.3% from 7.0% in the year-earlier period.

Total revenue increased 9.8% year over year to 28.97 billion yuan from 26.39 billion yuan, and total operating expenses climbed 15.2% year over year to 25.95 billion yuan from 22.53 billion yuan.

Reported net income declined 39.8% year over year to 1.47 billion yuan, or 11 fen per share, from 2.44 billion yuan, or 20 fen per share.

As of April 27, US$1 was equivalent to 6.89 yuan.