Air China returns to profit

Air China (0753.HK, 60111.SH) announced today that it returned to net profitability in 2009 thanks to fuel-hedging gains and recovering international air travel, the Wall Street Journal reported. It also said that its first-quarter net profit nearly doubled year-on-year. Net profit for the 12 months ending December 31 was US$709.4 million by international accounting standards, beating analyst forecasts. Net profit for the first three months of 2010 was US$318 million. Revenues declined 3.5% in 2009 year-on-year, but rose 31% in March.