China Eastern says H1 profit surged to 1.174 billion yuan

China Eastern Airlines Corporation Limited, one of the country's three major carriers, said Monday its first-half net profit surged to 1.174 billion yuan (172.6 million U.S. dollars), under Chinese accounting standards.

The Shanghai-based carrier said its profit in the first half of this year was 1.172 billion yuan more than a year ago, boosted by improved passenger demand and revaluation gains from fuel hedging.

Revenue of the company in the first half, however, fell 15.83 percent to 17.5 billion yuan, as weakened demand following the global financial crisis continued to impact the world's carriers.

It also said it received 1.24 billion yuan in non-operating income, mainly government subsidies and reimbursement from the civil aviation infrastructure fund, in the first six months, which was 739 million yuan more than a year ago.

According to international accounting standards, the company's net profit was 984.65 million yuan in the first half of this year. It did not give a comparative figure over the same period of last year.

Shares of the carrier edged up 0.5 percent to 6 yuan at Monday's closing in Shanghai, and gained 3.78 percent to 2.47 HK dollars (0.32 U.S. dollars) in Hong Kong, before its half-year report was revealed.

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