Air China shares dip on 32% profit drop
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[HONG KONG] Air China shares fell in Hong Kong yesterday after the Chinese flag-carrier reported a 32 per cent drop in net profit last year, hit by a weak cargo market.
Net profit for 2013 came to 3.32 billion yuan (S$677 million), down from 4.91 billion yuan the previous year, the airline said in a statement filed late on Tuesday with the Hong Kong Stock Exchange.
The company blamed the decline on the struggling world economy, intensified competition and a weak cargo market in a year that also saw revenue decrease by 2.2 per cent to 97.63 billion yuan.
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