Air China Wins Dogfight
In China's fiercely competitive aviation market, projected to expand almost fivefold by 2026, state-owned Air China has been working hard to shed its second-class image. It has managed to become the country's most profitable airline, booking a $300 million profit on $2 billion in revenues in the third quarter of 2007, and is now allied with one of the world's most admired airlines, thanks to a June, 2006, injection of $530 million from Hong Kong's Cathay Pacific Airways, which owns 20%. Beijing-based Air China, which raised $1.1 billion in a dual listing in Hong Kong and London in December, 2004, now has a market capitalization of $37.4 billion, higher than that of British Airways (BAB), Southwest Airlines (LUV), and Singapore Airlines combined.
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