Xi'an Aircraft International Corporation (XAIC) said Wednesday its third-quarter net profit dipped 52.02 percent year-on-year to around 21.307 million yuan. The plane maker expects the whole year's net income to drop 50 to100 percent over the same period of last year.

The Xi'an-based company released its financial report for the third quarter and its outlook report for the whole year Wednesday. According to the report, its third-quarter net profit dropped 52.02 percent to about 21.307 million yuan, accounting for 60.64 percent of the total net profit in Jan.-Sep. The first nine months saw a net profit of 35.137 million yuan totally, dropping 79.45 percent year-over-year.

The company attributed its profit reduction to the alteration of aircraft products and orders, the rising costs of raw materials and labors and the increasing sales and financial expense.

XAIC projects that the company's net profit for the whole year will decrease 50-100 percent at 0 to 173 million yuan.

XAIC's stock price closed up 0.59 percent Wednesday.