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Air China shares rise on H1 profits boost

(Xinhua)
Updated: 2009-08-26 14:48

Shares of Air China Ltd closed higher Wednesday morning after the company reported more than doubled first-half-year profit from a year earlier late Tuesday.

Air China ended 6.25 percent higher to 7.65 yuan in the Wednesday morning session on the Shanghai Stock Exchange.

Related readings:  Air China falls 1.97% on Cathay stake fears  Air China to start scheduled flights to Taiwan  Air China forecasts profits in H1  Air China says Q1 net profit down 5.7%

The Beijing-based airline said in a Hong Kong stock exchange statement late Tuesday that its profit in the first half of 2009 was 2.93 billion yuan ($428 million), up 151 percent from a year earlier.

The carrier attributed the fast growth to fuel hedging gains which helped offset weaker demand on international routes and lower fuel costs which fell 42.5 percent from a year earlier.