Shandong Airlines net profit down 21% in Q3 2013

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Shandong Airlines posted a 21% decline in its third quarter 2013 net profit to yuan (CNY) 403 million ($66.3 million), down from CNY508 million a year earlier.

Total revenue for the quarter ended 30 September was down by 1% to CNY3.31 billion, says the carrier in a Shenzhen Stock Exchange filing.

Total profit declined 21% to CNY532 million, while operating profit recorded a larger fall of 34% to CNY421 million. Total operating costs increased by 7.4% to CNY2.9 billion.

Shandong Aviation Group, a conglomerate based in Shandong province’s Jinan city, owns 42% of the airline. Chinese flag carrier Air China also owns a 22.8% stake in Shandong Airlines.