09:06     AIR CHINA<00753> - Results Announcement (1)                         

    Air China Limited announced on 12/04/2005:                                
    (stock code: 00753 )                                                      
    Year end date: 31/12/2004                                                 
    Currency: RMB                                                             
    Auditors' Report: Unqualified                                             
                                                                              
                                                            (Audited   )      
                                         (Audited   )       Last              
                                         Current            Corresponding     
                                         Period             Period            
                                         from 01/01/2004    from 01/01/2003   
                                         to 31/12/2004      to 31/12/2003     
                                   Note  ('000      )       ('000      )      
    Turnover                           : 30,834,822         23,422,660        
    Profit/(Loss) from Operations      : 4,485,251          2,284,264         
    Finance cost                       : (1,799,873)        (2,349,078)       
    Share of Profit/(Loss) of                                                 
      Associates                       : 561,018            243,093           
    Share of Profit/(Loss) of                                                 
      Jointly Controlled Entities      : N/A                N/A               
    Profit/(Loss) after Tax & MI       : 2,385,964          159,604           
    % Change over Last Period          : +1,394.93 %                          
    EPS/(LPS)-Basic (in dollars)       : 0.36               0.025             
             -Diluted (in dollars)     : 0.36               N/A               
    Extraordinary (ETD) Gain/(Loss)    : N/A                N/A               
    Profit/(Loss) after ETD Items      : 2,385,964          159,604           
    Final Dividend                     : NIL                NIL               
      per Share                                                               
    (Specify if with other             : N/A                N/A               
      options)                                                                
                                                                              
    B/C Dates for                                                             
      Final Dividend                   : N/A                                  
    Payable Date                       : N/A                                  
    B/C Dates for Annual                                                      
      General Meeting                  : 30/04/2005         to 30/05/2005 bdi.
    Other Distribution for             : N/A                                  
      Current Period                                                          
                                                                              
    B/C Dates for Other                                                       
      Distribution                     : N/A                                  
                                                                              
    Remarks:                                                                  
                                                                              
    Listing date and basis of presentation                                    
    --------------------------------------                                    
                                                                              
    Air China Limited (the "Company") was incorporated on 30 September 2004 in
    Beijing, the People's Republic of China (the ''PRC''), as a joint stock   
    limited company as part of the restructuring (the ''Restructuring'') of   
    China National Aviation Holding Company ("CNAHC"), a state-owned          
    enterprise under the supervision of the State Council, for the listing of 
    the Company's H shares on The Stock Exchange of Hong Kong Limited (the "  
    Hong Kong Stock Exchange") and the UK Listing Authority on 15 December    
    2004.                                                                     
                                                                              
    Pursuant to the Restructuring, CNAHC and through its wholly-owned         
    subsidiaries, effected the transfer of the following to the Company upon  
    its incorporation:                                                        
                                                                              
    (a)     the assets, liabilities and undertakings which principally relate 
    to the business of the provision of airline operations (the "Relevant     
    Businesses"); and                                                         
                                                                              
    (b)     the shareholding interests in certain subsidiaries, joint ventures
    and associates which principally carry on the business of the provision of
    airline operations, aircraft engineering services, air catering services, 
    airport ground handling services and other airline-related businesses (the
    "Relevant Companies").                                                    
                                                                              
    Pursuant to the Restructuring, the Company entered into a restructuring   
    agreement with CNAHC and China National Aviation Corporation (Group)      
    Limited ("CNACG"), a company incorporated in Hong Kong and wholly-owned by
    CNAHC, which CNAHC and CNACG agreed to undergo a restructuring and        
    establish the Company. In accordance with the Restructuring Agreement,    
    CNAHC transferred to the Company, among other things, the following:      
                                                                              
    (a)     all of the airline and airline-related businesses operated by Air 
    China International Corporation, the Company's immediate predecessor;     
                                                                              
    (b)     all related assets, including aircraft and other property, plant  
    and equipment of Air China International Corporation;                     
                                                                              
    (c)     all related liabilities, including Air China International        
    Corporation's bank loans; and                                             
                                                                              
    (d)     the equity interests in various investees in airline and airline- 
    related businesses owned by Air China International Corporation, including
    equity interests in Air China Cargo Co., Ltd. ("Air China Cargo"),        
    Aircraft Maintenance and Engineering Corporation, Beijing and Shenzhen    
    Airlines Co., Ltd.