Hainan Airlines reported an 11.7% decline in first-quarter profits to CNY12.1 million ($1.5 million) from CNY13.7 million earned in the year-ago quarter, according to a company statement cited by Reuters. Its full-year 2005 result was worse as the carrier lost CNY215.8 million one year after earning a profit of CNY90.7 million. Hainan will change its name to Grand China Air following its acquisition of three smaller carriers (ATWOnline, Oct. 18, 2005), and it expects to list its shares in ...

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