Salomon lows CNAC's FY01 earnings estimate by 1.3%

Salomon Smith Barney cut its FY01 and FY02 earnings estimates for China National Aviation Co. (1110) by 1.3 percent and 0.3 percent respectively to HK$336 million and HK$438 million. The house believes Dragonair's second-half performance should be stronger as start-up costs of the new freighter service was already booked in the first half.

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