Air China reports steep drop in profits

Air China has posted a net profit of 3.32 billion yuan ($534 million) in 2013, down from 4.91 billion yuan the previous year – a decline of 32%. Revenue from mainland China operations, fell 3.31% to 64.39 billion yuan, although revenue from European operations rose by 5.71% to 10.15 billion yuan. The airline has blamed the drop in profit on high fuel costs and a sluggish cargo market. It has also warns that market conditions for the year ahead are severe. Hong Kong-listed shares of Air China closed down 2.51% at HK$4.66 ($0.60). Air China carried 7.27% more passengers in