China's Sinotrans Air Transportation sees net profit up 50-100 pct
Sinotrans Air Transportation Development Co Ltd said first half net profit is expected to have risen by 50-100 pct year-on-year due to the sale of a stake in its joint venture with Deutsche Post AG.
In December 2007, the company agreed to seel its entire stake in 50-50 joint venture Exel-Sinotrans Freight Forwarding Co Ltd to its partner Deutsche Post for 61.04 mln eur.
In a statement filed with the Shanghai Stock Exchange, the company said the deal was completed in the first half and revenue from the sales was reflected in its first half books.
The company realized a net profit of 283.91 mln yuan in the first half of 2007, or earnings per share of 0.31 yuan.
Sinotrans Air Transportation, a subsidiary of Hong Kong-listed Sinotrans Ltd, is due to release audited first half financial results on Aug 27.
(1 usd = 6.8 yuan)
