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 China National Aviation 2002 net profit up 47 per cent
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China National Aviation 2002 net profit up 47 per cent
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ASIAN aviation conglomerate China National Aviation Co. has reported its net income grew 47.2 per cent in 2002 to HK$317.41 million (US$40.7 million) from HK$215.64
million the previous year.
The airline group said its turnover rose 47 times year-on-year to nearly HK$1.33 billion, while operating profit increased 75 per cent to HK$61.83 million.
The increase in turnover was attributed to the contribution from its Air Macau subsidiary in which the company bought a majority 51 per cent stake in March 2002.
The acquisition also helped enhance the group's cash position, the company said. As of December 31, 2002 the company had cash and bank balances totalling about HK$1.17 billion. Its net current assets stood at HK$974 million.
Kong Dong, chairman of CNAC, said: "During the year, Air Macau continued to expand its regional network.
Apart from the acquisition, Mr Kong also said the group's strong growth was helped
by the recovery of the Asian aviation industry.
"The aviation industry with the Asian region has been experiencing a modest recovery since the second quarter of 2002. Significant growth was seen during the year in both cargo and passenger air traffic," he said.
CNAC said Air Macau's turnover grew 4.6 per cent in 2002, while another of its airline units Dragonair had a turnover increase of 21.6 per cent, adding its profit before taxation rose 61.9 per cent last year.
The company said after Dragon introduced its own freighter operations in late 2001, its cargo revenue and uplift tonnage increased by 60.2 per cent and 59.6 per cent respectively last year.
The group said the TARS and FAF will be applicable for all eastbound and westbound cargo and that it will continue to be manifested on each lines' Bill of Lading.
IRA members include APL, China Shipping Container Lines, CMA CGM &
ANL, Cosco Evergreen Marine, Hyundai Merchant Marine, Islamic Republic of Iran Shipping Lines, Maersk
Sealand, MOL, NYK, Norasia Container Lines, OOCL, P&O Nedlloyd, Pacific International Lines, Tokyo Senpaku Kaisha, United Arab Shipping Company, Wallenius Wilhelmsen Lines, Wan Hai Lines, and Yang Ming.
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