Shandong Airlines H1 2013 net profit down 57%

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Shandong Airlines has reported a 57% decline in its attributable net profit for the first half of 2013, compared with a year earlier.

Its net profit for the period ended 30 June fell to CNY82.4 million ($13.4 million) from CNY191 million, the carrier said in a Shenzhen Stock Exchange filing.

Total revenue rose by 8.9% to CNY5.52 billion, while total operating costs increased by 13% to CNY5.49 billion.

Operating profit fell by 82% year on year to CNY40.7 million. Total profit declined by 52% to CNY122 million.

During the period to 30 June, Shandong Airlines received eight aircraft and retired one. The airline adds that it operates seven Bombardier CRJ200s and CRJ700s, and 62 Boeing 737-300s, -700s and -800s.

Shandong Aviation Group, a conglomerate based in Shandong city, owns 42% of the airline while Air China has a 22.8% stake.