Air China, Cathay Pacific to set up cargo JV in H1 at earliest - report |
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Published
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Wed, 10 Jan 2007 02:39
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SHANGHAI (XFN-ASIA) - Air China Ltd (SHA 601111; HK 0753) and Cathay Pacific Airways Ltd will establish a 50-50 cargo joint venture in Shanghai in the first half of 2007 at the earliest, the China Securities Journal reported, citing an unidentified Air China official.'The two parties are preparing details of the cargo joint venture, and substantial progress will be made by the first half or slightly after that,' the source was quoted as saying.Air China's net profit in 2006 is expected to come in at record levels due to lower fuel costs and the rising yuan, the Shanghai Securities News reported, citing Zheng Baoan, Air China's board secretary, discussing the recent strong performance of Air China.Air China's A-shares rose over 36 pct in the last five trading days.'Exchange gains are expected to reach 800 mln yuan for 2006,' Zheng added.(1 usd = 7.80 yuan)lilian.wu@xfn.com
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