China's aviation giant to expand fleet
A major Chinese aviation group said Monday it will expand its aircraft fleet and boost revenues to become a global carrier by 2015 as the country's aviation industry grows.
China National Aviation Holding Co. (CNAH) will increase its number of planes to 700 by 2015, CNAH General Manager Wang Changshun said Monday.
Wang said the company wishes to be positioned among the world's top five aviation groups in terms of asset value, profitability and sales revenues by 2015.
The group had more than 430 planes as of the end of 2011, with total assets exceeding 180 billion yuan (28.6 billion U.S. dollars), company data showed.
Air China, the country's flagship airline and a CNAH subsidiary, had 393 planes as of the end of 2010, most of which were purchased from Boeing and Airbus.
Currently, CNAH ranks 10th among its global peers. Its profits exceeded 15 billion yuan in 2010, more than any other Chinese aviation firm, according to company data.
Supported by steady growth in passenger volume, China's aviation industry has continued to expand despite rising fuel costs and grim global market conditions.
