UPDATE 1 gate valves -Air China says has requested govt cash injection
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UPDATE 1-Air China says has requested govt cash injectionPublished: 03 Mar 2009 22:16:12 PST

BEIJING, March 4 - Air China's <0753.HK><601111.SS>Chairman Kong Dong said on Wednesday the airline can beprofitable in 2009, but has asked the government for a cashinjection of at least 3 billion yuan ($439 million).

China Eastern Airlines <600115.SS> <0670.HK>, China SouthernAirlines <600029.SS> <1055.HK> and Air China are the country'sthree biggest carriers and have all warned of losses for 2008,the worst year since SARS (Severe Acute Respiratory Syndrome)struck the industry in 2003.

The company has submitted a request for a government cashinjection and expects to get at least as much as the 3 billionyuan expected by rival China Southern, Kong told reporters on thesidelines of a meeting of the parliament's advisory body.

"We definitely want a government cash injection as the wholeindustry is suffering losses now," Kong said.

The comments come just two days after Kong told Reuters in aninterview that he was not certain the company could turn a profitin 2009 as passenger traffic declines along with cargo volumes.

However, Kong said the beginning of 2009 was showing animprovement. The airline expected double-digit growth in revenuesin the first two months of 2009 over a year earlier.

Shares of Air China were up 4.0 percent at HK$2.08 in HongKong on Wednesday, outpacing the 3.03 percent rise in the indexfor major Chinese companies listed in Hong Kong <.HSCE>.

($1=6.84 yuan)

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