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Summary Air China said it earned 3.2 billion yuan ($507 million) in the three months ending Sept 30.
Air China Ltd., one of Chinas three major state-owned airlines, said Wednesday its quarterly profit fell 16.5 percent as travel demand weakened.Air China said it earned 3.2 billion yuan ($507 million) in the three months ending Sept. 30. Revenue rose 2 percent to 28.7 billion yuan ($4.5 billion) but costs rose 5 percent to 24.6 billion yuan ($3.9 billion).That was Air Chinas strongest quarter this year after the airline reported a 77 percent plunge in first-quarter profit. The Beijing-based carrier had warned that the second half would be challenging and complex.Chinas airlines have been hurt by an economic slowdown that pushed growth to a three-and-a-half-year low of 7.6 percent in the latest quarter, high fuel costs and weakening travel demand.Forecasters expect the economy to turn around later this year but say a rebound will be weak and gradual.The biggest state-owned carrier by passenger numbers, China Southern Airlines Ltd., said Sunday its quarterly profit dropped 29 percent.
