SHANDONG Airlines Co skyrocketed yesterday in the Shenzhen market after it reported a profit in the first quarter after cost cuts.

The carrier, part-owned by Air China Ltd, earned 51.67 million yuan (US$7.39 million) in profit in the quarter, compared with the loss of 58.76 million yuan in the same period last year, it told the Shenzhen Stock Exchange yesterday. It also expected that it would earn 10 million yuan or 20 million yuan in the first half of this year, compared with a loss of 90 million yuan a year earlier.

Its share price rose 9.88 percent to HK$3.78 (48 US cents) per share yesterday.