BEIJING - Air China Limited, one of China's carrier giants, said on Tuesday that its net profit tumbled 38.75 percent year-on-year to 7.48 billion yuan ($1.2 billion) last year due to rising fuel prices and intensifying competition.

Business revenue rose 19.98 percent from a year earlier to 97.14 billion yuan, according to the company's annual report filed with the Shanghai Stock Exchange.

Its earnings per share was 0.61 yuan last year, down 41.9 percent from previous year, said the report.

The Beijing-based company said it transported 59.39 million passengers on its domestic routes last year, up 18.34 percent year-on-year.

Air China had 432 planes at the end of last year.

China Eastern Airlines, another major carrier in the country, said on Sunday its net profit fell 9.18 percent year-on-year to 4.89 billion yuan last year.