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Spring Air Reports First Half Earnings Jump

China's Spring Airlines announced a significant lift in half-year earnings, citing lower fuel prices and growing passenger numbers.

First-half net earnings rose by between 130 percent and 150 percent from the CNY270.8 million yuan achieved in the same period last year.

The airline plans to raise up to CNY4.5 billion yuan (USD$725 million) in private share placements to fund internet projects and the purchase of new aircraft.

Spring said it intends to buy 21 Airbus A320s and will stick to its Northeast Asian strategy, seeking improved penetration into markets such as Japan, South Korea and Taiwan.

The company had halted trading in its shares this month, pending the private placement announcement. They are due to resume trading on Tuesday.

(Reuters)