Airlines' Q1 profits gain high altitude

Major airlines in China reported strong first-quarter earnings growth as surging travel demand and yuan appreciation helped offset adverse factors such as rising oil prices, industry insiders said.

Air China netted 31.61 billion yuan ($4.96 billion) in sales revenue, up 9 percent year-on-year. Its net profit soared 79 percent year-on-year to 2.63 billion yuan, according to its latest earnings report.

China Southern Airlines, the country's largest carrier by passenger traffic, also reported an improvement in its performance. The Guangzhou-based airline said its first-quarter sales revenue was 34 billion yuan, up 10 percent year-on-year, which yielded a net profit of 2.54 billion yuan, up 64 percent year-on-year.