Hongdu Aviation posts Q1 net loss of CNY29.5m

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Hongdu Aviation Industry has reported a first quarter net loss of CNY29.5 million ($4.6 million), down from a net profit of CNY3.7 million a year before.

Revenues declined 50.7% to CNY126 million, but it reported an operating loss of CNY28.2 million - down from a profit of CNY4.3 million a year before, it says in a Shanghai stock exchange filing.

Hongdu Aviation, a subsidiary of state-owned Aviation Industry Corp of China (AVIC), manufactures military aircraft and helicopters.

It is also a supplier for the Commercial Aircraft Corp of China (Comac), which is responsible for the C919 and ARJ21 passenger aircraft programmes.