AVIC Aircraft H1 net profit more than triple that of 2012

Singapore
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AVIC Aircraft posted an attributable net profit of yuan (CNY) 75.8 million ($12.4 million) in the first half of 2013, almost four times the figure recorded in the same period last year.

During the period, the firm's operating revenue rose 42% to CNY7.88 billion while its operating costs hiked 44% to CNY7.15 billion. Its operating profit, meanwhile, hit CNY64 million. In a statement to the Shanghai Stock Exchange, the firm attributes its performance growth to an increase in the number of aviation product deliveries during the first half of the year.

The results also reflect a reorganisation of the company late last year, where it changed its name from Xian Aircraft International to AVIC Aircraft.

With the name change, the firm issued shares to Shaanxi Aircraft Industry, AVIC Aircraft Landing Gear, Xian Aviation Brake Technology and Xian Aircraft Industry, for the purchase of their aviation-related business assets.

AVIC Aircraft is an airframer that manufacturers aircraft parts and ground equipment.