Air Transport World

Hainan Airlines: Hainan Airlines Company Ltd.)(Brief article)

The Chinese carrier suffered an 11.7% decline in first-quarter profits to CNY12.1 million ($1.5 million) for the period to March 30. In FY05 it lost CNY215.8 million as fuel prices soared.

Hainan has a very different history from other Chinese airlines, being foreign-owned through American Aviation (60.47%). Established in 1989, it began operations in 1993 from its base on Hainan Island. It is expected to change its name to Grand China Air following its acquisition of three smaller carriers--Xinhua, Changan and Shanxi--and also expects to list in Hong Kong by 2007. …

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