First Take: Air China's Fiscal 2016 Result In Line After Excluding Foreign Exchange
No-moat Air China delivered a soft result that was broadly in line with our expectations. Excluding the higher-than-expected foreign exchange loss, core earnings would have dropped 10% year on year to CNY 11 billion and would have been in line with our expectations. The 5% year-on-year revenue growth to CNY 115 billion was as expected. Air China delivered strong operating performance in China despite intense competition, but the international yield decline surprised to the downside as rapid capa...
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