China's Top Budget Carrier Spring Air Names Wang Yu as President

Spring Airlines Co. named Wang Yu as president, replacing Zhang Xiuzhi who now becomes its vice chairman, according to a statement late Thursday to the Shanghai Stock Exchange.

China’s largest low-cost carrier reported a 44 percent gain in first-quarter profit as lower fuel prices and growth in Asian travel demand propelled earnings. For the full year in 2015, net income rose 50 percent to 1.3 billion yuan ($201 million), including a foreign-exchange loss of 79.1 million yuan, it said.

Shares of Spring, set up in 2005, have gained fivefold since they started trading in January 2015. The stock slipped 0.2 percent to 46.28 yuan as of 2:06 p.m. in Shanghai.

— With assistance by Sam Nagarajan, and Clement Tan

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