Air China shares leapt by 17.5 percent in Hong Kong today to an all-time record of HK$7.26 following the carrier’s comment that it expects net profit for the first half of this year to jump by 2,000 percent or 20 times the previous first half earnings.

Air China posted a net profit of US$6 million in the first half of 2006, largely because of high fuel prices.

The airline attributes the jump in earnings to various factors, including rapid market growth, appreciation of the yuan which cut fuel costs, and an unspecified gain in income from investments. The company previously forecast a 100 percent jump in profits. The results will be released at the end of August.