Aviation Profits Fall 14% in 2011
The civil aviation industry in China saw its profits drop 13.9% to ¥36.3 billion in 2011 as a result of ballooning international aviation fuel prices, the Civil Aviation Administration of China said. Earnings reaped by airlines were down 17.7% to ¥27.8 billion, and fuel as a percentage of total costs climbed over 40%.
Guangdong Sees First Quarterly Decline in Industrial Earnings
Profits made by industrial firms in Guangdong, China's biggest provincial economy, tumbled 16.3% year on year to ¥76.04 billion in Q1 2012 following stymied domestic and foreign demand, the provincial statistics bureau said. It was the first such quarterly decline in the past three years, with 35% of all Chinese and foreign companies in the province operating in the red during the period. Industrial revenue in the province rose 4.8% to ¥1.94 trillion between January and March.
$1 = ¥6.28