Shandong Airlines 2012 net profit down 24% to CNY590m

Singapore
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Chinese carrier Shandong Airlines has reported a 23.5% decline in its net profit for 2012 to yuan (CNY) 590 million ($95 million), down from CNY771 million in 2011.

The airline's total operating income in 2012 increased by 13.7% to CNY11 billion, while its total operating cost for 2012 grew by 19.5% year on year to CNY10.3 billion.

Shandong Airlines' operating profit declined by 35.5% to CNY641 million, while its total profit for the year declined by 24.2% to CNY781 million, it said in a Shenzhen stock exchange filing.

The airline is 42% owned by Shandong Aviation Group, its largest shareholder, while flag carrier Air China owns 22.8%.