Air China's Strong First-Quarter Performance Offset by High Fuel Cost; FVE Maintained at HKD 7.2
No-moat Air China delivered a mixed first quarter with significantly higher operating expense offsetting strong top-line growth. Net income dropped 39.6% year on year to CNY 1.5 billion, mainly on significantly higher fuel cost input, while group revenue rose 9.8% year on year to CNY 28.9 billion on robust demand from both domestic and international markets. While the net income decline trailed our expectation, we think the weakness is likely to be temporary. We already saw a gradual decline in ...
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