Sinotrans Air Transportation Development Co, a listed unit of China National Foreign Trade Transportation (Group) Corp (Sinotrans Group), leading state-owned carrier, posted a year-on-year growth of 50-100% in first-half profit due to a hefty one-off gain of EUR 61.04 million from sale of its entire stake in a joint venture with Deutsche Post AG.

The company agreed last November to sell its entire stake in the 50:50 JV Exel-Sinotrans Freight Forwarding Co Ltd to its partner Deutsche Post. The transaction has been completed in H1, said the company in a statement to the Shanghai Stock Exchange. Revenue from the sale has been booked in its H1-2008 financial results.

Sinotrans Air Transportation made a net profit of RMB 283.91 million in the same period last year, while earnings per share stood at RMB 0.31. It is due to release audited first half reports on Aug. 27.

Parent Sinotrans Group is restructuring assets in order to cooperate with the country's top river-shipping operator China Yangtze Transportation (Group) Corp to build an integrated national logistic giant. The deal is expected to result in more expansion opportunities for the proposed listed unit.

Sinotrans Air Transportation's principal activity is providing international air transport agency services for transit, import and export of goods. Major services include international express delivery, cargo transport agency services and domestic passenger operations.