Hainan Airlines profitable again

[gosca_bis]

THE mainland's fourth largest carrier, Hainan Airlines, has announced that
its no longer in the red following an upswing in demand which saw sales
nearly doubled in the first half of the year.
The airline reported a net profit of CNY86.08 million (US$10.4 million) in
its interim report.
Turnover jumped to CNY3.79 billion in the first six months of 2004, a year-on-
year growth of 96.84 per cent, while the number of passengers soared 76 per
cent to 4.99 million.
The airline said it expected to make a profit for the first nine months of
2004, though it suffered a total loss of CNY950.4 million during the same
period last year.
"The main reason profit and revenue went up in the first half is because we
shook off the Sars effect from last year," the airline said.
Hainan Airlines now mainly flies its 76 aircraft to domestic destinations,
but it also expanded its network to include Bangkok, Kuala Lumpur and
Budapest this year.
The airline recently set up a branch company in Urumqi, capital of Northwest
China's Xinjiang Uygur Autonomous Region. It aims to start flights there and
to international destinations in Central Asian countries. The airline has
also expressed an interest in bidding for Hungary's air carrier Malev when
the state-owned carrier is privatised later this year.