Shandong Airlines H1 net profit down 46%

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Shandong Airlines reported a 46% decline in its net profit for first half of 2012, compared with a year earlier.

The carrier's net profit for the period ended 30 June fell to CNY191 million ($30.1 million) from CNY354 million, the carrier said in a Shenzhen stock exchange filing.

Total operating income rose by 17.3% to CNY5.07 billion, while total operating cost increased by 25.7% to CNY4.85 billion.

Operating profit fell by 51.5% year on year to CNY224 million. Total profit declined by 46.1% to CNY254 million.

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