Air China Ltd., one of the country's three major state-owned airlines, said Wednesday its 2010 profit more than doubled as the global economic recovery boosted growth in air travel.
Profit rose 150 percent to 12 billion yuan (US$1.8 billion), or 1.03 yuan (15.7 U.S. cents) per share, the Beijing-based carrier announced. That was driven by a 60 percent rise in ticket sales and a 62.5 percent rise in cargo revenues.
The company said the annual results were the best in its history.
Air China and other Chinese airlines have recovered strongly after suffering heavy losses during the global financial crisis due to a plunge in air travel and wrong-way bets on fuel prices.
"The company was able to seize the market opportunity of a strong demand for both air passenger and cargo transportation services" as the global economy recovered, chairman Kong Dong said in a statement.
Profit rose 150 percent to 12 billion yuan (US$1.8 billion), or 1.03 yuan (15.7 U.S. cents) per share, the Beijing-based carrier announced. That was driven by a 60 percent rise in ticket sales and a 62.5 percent rise in cargo revenues.
The company said the annual results were the best in its history.
Air China and other Chinese airlines have recovered strongly after suffering heavy losses during the global financial crisis due to a plunge in air travel and wrong-way bets on fuel prices.
"The company was able to seize the market opportunity of a strong demand for both air passenger and cargo transportation services" as the global economy recovered, chairman Kong Dong said in a statement.
