Xiamen reports 61% rise in 2011 net profit

Xiamen Airlines (MF) reported a net profit of CNY2.5 billion ($395 million) for 2011, up 61.3% from CNY1.55 billion year-over-year.

Passenger boardings climbed 12.5% to 15.3 million while cargo traffic volume rose 4.4% to 165,000 tonnes. The Xiamen-based carrier didn’t reveal figures for passenger load factor, RPKs and ATKs.

In 2011, MF introduced Hebei Aviation Investment Group as its strategic investor to hold the carrier’s 15% stake with a CNY1.46 billion cash injection, which increased the carrier’s registered capital to CNY3 billion.

Separately, MF committed to join SkyTeam in November with full entry slated by the end of 2012.

Looking ahead, the carrier is moving ahead with rapid expansion plans to increase its fleet from 78 to 90 aircraft this year.