Air China says 1Q profit rises 147 % on strong growth in Chinese travel
Air China Ltd said on Friday its profits jumped 147 % in the first quarte But the industry also is in turmoil as carriers struggle to modernize amid intense competition and high fuel prices.
By Agencies |
BEIJING: Air China Ltd said on Friday its profits jumped 147 % in the first quarte But the industry also is in turmoil as carriers struggle to modernize amid intense competition and high fuel prices.
Regulators are reportedly considering possible plans to restructure China's airlines to make them more efficient and able to compete with bigger, richer foreign carriers.
Air China's parent, China National Aviation Holding Co., tried to buy a stake in struggling rival China Eastern Airlines Co. in what analysts say was an effort to become China's dominant carrier.
But Shanghai-based China Eastern rejected the bid in February, saying it wants a foreign partner that can bring in expertise. Its managers earlier tried to sell part of the carrier to Singapore Airlines, but shareholders voted that down in January.
Regulators are reportedly considering possible plans to restructure China's airlines to make them more efficient and able to compete with bigger, richer foreign carriers.
Air China's parent, China National Aviation Holding Co., tried to buy a stake in struggling rival China Eastern Airlines Co. in what analysts say was an effort to become China's dominant carrier.
But Shanghai-based China Eastern rejected the bid in February, saying it wants a foreign partner that can bring in expertise. Its managers earlier tried to sell part of the carrier to Singapore Airlines, but shareholders voted that down in January.
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