* Sees 2010 net profit around 10 times more than 2009
* Implies profit of around $817mln vs $81.7 mln in 2009
* Air traffic, Shanghai Airlines acquisition, Expo help
* Shares outperform broad market
HONG KONG, Jan 4 China Eastern Airlines
(0670.HK) (600115.SS) (CEA.N), the country's third-most valuable
airline, expects its 2010 net profit to be around 10 times that
of 2009 due to brisk air travel in China, it said on Tuesday.
"The air transportation market has been recovering rapidly
and continued to grow in 2010. In particular, the air
transportation market of the People's Republic of China has
continued to grow rapidly," the airline said in a statement.
China Eastern also attributed the profit surge to its
acquisition of smaller rival Shanghai Airlines and the World
Expo in Shanghai, which boosted air passenger travel, it said in
a filing to the Hong Kong stock exchange.
"The net profit attributable to the equity holders of China
Eastern Airlines Corporation Limited for 2010 is expected to be
around 10 times compared with ... 2009," it said in a statement.
For 2009 the airline reported net profit of 540 million yuan
China's air traffic has been a bright spot in the global
airline industry, benefitting domestic airlines such as Air
China (601111.SS)(0753.HK), and which foreign aircraft makers
like Airbus EAD.PA and Bombardier Inc BBDB.TO hope to tap.
China Eastern's comments came after Hong Kong and China
markets closed on Tuesday. The airline's Hong Kong-listed stock
ended 3 percent higher, outperforming the Hang Seng index's
.HSI 1 percent rise.
Its Shanghai shares were up 3.3 percent, surpassing the
Shanghai composite index's .SSEC 1.6 percent rise.
(Reporting by Lee Chyen Yee; editing by David Hulmes)