Merrill estimates CNAC 1H net profit up 15% to HK$160 Mln

Merrill Lynch said it forecast a 15 percent increase in China National Aviation Co.'s (1110) interim net profit to HK$160 million or EPS of 4.9 HK cents. In a research note to clients today, the investment house said Dragonair continues to be the earnings growth driver with an expected 24 percent increase in pre-tax contributions, accounting for an estimated 78 percent of CNAC's pre-tax profit.

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