AVIC Aircraft Q3 profits soar despite lower revenue

AVIC Aircraft recorded a third-quarter operating profit of CNY130 million ($18.5 million), an increase of nearly 35% year-on-year.

This was despite the airframer seeing lower revenue and expenses. Revenue for the three months ended 30 September was CNY4.99 billion, a 30% decrease from the same period last year.

Expenses, meanwhile, fell by a similar percentage to CNY4.86 billion.

Net profit for the period rose a staggering 69% to CNY118 million.

The company ended the period with CNY3.17 billion in cash and cash equivalents, a marginal dip from the CNY3.48 billion at the start of the quarter.

The company did not provide a discussion in its quarterly financial report.

AVIC Aircraft manufactures parts for the Airbus A320, AVIC MA60 turboprop and the Comac ARJ21 regional jet, as well as ground equipment. It is also developing the MA700 turboprop.