Air China loses $1.34 billion in 2008 but starts 2009 in black

"Air China joined its "big three" rivals in suffering a significant 2008 loss, reporting a CNY9.15 billion ($1.34 billion) deficit under Chinese accounting standards that marked a reversal from the CNY3.7 billion profit in the previous year. China Southern Airlines reported a CNY4.82 billion loss last year and China Eastern Airlines lost CNY13.93 billion. Air China's 2008 deficit under international accounting standards was CNY9.26 billion, according to a filing cited by Dow Jones. The carrier blamed falling demand and fuel hedge losses for the result. Revenue climbed 7% last year to CNY52.97 billion." Next.