Shanghai-based Spring Airlines posted net income of 160 million yuan (US$24.8 million) in the 2011 first half, down 6.3% from a net profit of 170 million yuan in the year-ago period, according to Chairman Wang Zhenghua.

Wang said Spring's operating revenue for the year's first six months climbed more than 20% year-over-year to 1.9 billion yuan. He didn't disclose operating expenses or passenger traffic figures. Looking to the year's second half, Wang said, "We would expect our profit to decline compared with the same period of last year owing to the strong market growth stimulated by the Shanghai World Expo in 2010."

Meanwhile, the privately held carrier is pressing ahead with plans to launch an IPO and is scheduled to be listed on the Shanghai Stock Exchange in the first half of next year. It hasn't decided how much it will aim to raise through the IPO.

Spring is accelerating the pace of its Japanese market expansion but has slowed down the introduction of new aircraft owing to a pilot shortage. Wang said the carrier plans to expand its fleet to 50-60 aircraft by 2015, a sharp contrast to the expansion plan announced last year calling for 100 aircraft by 2015.