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China Eastern Airlines Q2 profit climbs 706.6% YOY

China Eastern Airlines Corp. Ltd. said its normalized net income for the second quarter came to 11 fen per share, a gain of 707.8% from 1 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 1.33 billion yuan, an increase of 706.6% from 165.0 million yuan in the prior-year period.

The normalized profit margin increased to 6.1% from 0.8% in the year-earlier period.

Total revenue grew 5.3% year over year to 21.92 billion yuan from 20.82 billion yuan, and total operating expenses fell from the prior-year period to 20.61 billion yuan from 21.46 billion yuan.

Reported net income rose 809.1% on an annual basis to 2.00 billion yuan, or 16 fen per share, from 220.0 million yuan, or 2 fen per share.

As of Aug. 14, US$1 was equivalent to 6.40 yuan.