China's three major airlines see profits plunge

China's three major airlines have all reported more than a 50 percent drop in the profit forecast in the first six months this year but earnings are expected to recover in the second half of the year, market analysts said Thursday, Xinhua News Agency reported.

Air China, the country's flagship carrier, on Wednesday said it predicted the first-half profits to have fallen more than 50 percent from a year earlier. The company blamed weak travel demand, high fuel prices, and fluctuation in foreign exchanges for the loss.

Earlier this month, both China Eastern Airlines and China Southern Airlines -- two other major Chinese carriers -- estimated their first-half profits to decline more than 50 percent, the news agency said.

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