Air China subsidiary Shandong Airlines reported a first-half net profit of CNY46.7 million ($7.6 million), down 43% from net income of CNY82.4 million in the year-ago period. First-half operating revenue rose 0.72% to CNY5.56 billion while operating expenses grew 5% to CNY4.93 billion year-over-year. The Jinan-based carrier cited first-half exchange losses of CNY141 million, due to yuan depreciation, as the main reason for the sharp profit decline. China’s big three carriers—Air ...

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