Hainan Airlines reported a net profit of CNY311 million ($45.5 million) in the first half, up 63.9% over the CNY189.7 million earned in the year-ago semester, thanks largely to the appreciating yuan. Operating revenue rose 1.5% year-over-year to CNY6.34 billion but HNA did not disclose the amount of its currency gains. The yuan has been the only reliable contributor to Chinese carriers' bottom lines in 2008 owing to the combined burdens of falling demand, fierce competition and high fuel ...

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