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Air China's third-quarter profit tumbles as rising fuel costs, competition bite

By Reuters News

BEIJING, Oct 29 (Reuters) - Chinese flagship carrier Air China's 601111.SS net profit plunged 92.6% in the third quarter from the same period last year as rising fuel costs and intense competition weighed on demand and fares.

• The airline's net profit attributable to shareholders was 270.6 million yuan ($40.6 million) in the July to September quarter, a stock exchange filing showed on Thursday

• In the first nine months of the year, the carrier recorded a net loss of 2.0 billion yuan

• Revenue in the same period rose 8.6% on year to 141.0 billion yuan, while revenue in the third quarter increased 5.4% to 51.7 billion yuan

• Air China shares have fallen nearly 40% in Shanghai trading so far this year

($1 = 6.6610 Chinese yuan renminbi)

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