Air demand boosts H1 profit
By Winny Wang |
August 18, 2010, Wednesday
|
Print Edition
Print Edition
CHINA Southern Airlines posted a more than 50-fold increase in net income in the first half of this year as it flew on the wings of booming air demand in the world's second-largest aviation market.
The carrier's net income jumped to 2.08 billion yuan (US$306 million) in the first six months from 38 million yuan a year earlier, the country's largest airline by fleet size said in a statement to the Shanghai Stock Exchange yesterday. Its revenue gained 39 percent to 34.68 billion yuan from January to June.
"Benefitting from the growth in the domestic economy, the aviation market will maintain a sound momentum for expansion. But the group will face challenges including the uncertainties in the recovery of global economies, the slowdown in the domestic economy and competition from high-speed railways," said Si Xianmin, chairman of the carrier.
The company will beef up its international marketing of passenger and cargo services as well as ensuring the overseas and domestic markets are complementary to consolidate its leading position in the industry, Si said.
"We expect China Southern's profit to total 3.34 billion yuan this year, 4.63 billion yuan next year and 4.7 billion yuan in 2012," said Mao Ang, an analyst at Galaxy Securities Co.
Also during the six-month period, the Guangzhou-based carrier sold its 50-percent stake in MTU Maintenance Zhuhai Co to its parent for 1.6 billion yuan.
China Southern flew 36.23 million passengers in the first half, a jump of 17 percent from a year earlier, according to the statement.
The carrier's net income jumped to 2.08 billion yuan (US$306 million) in the first six months from 38 million yuan a year earlier, the country's largest airline by fleet size said in a statement to the Shanghai Stock Exchange yesterday. Its revenue gained 39 percent to 34.68 billion yuan from January to June.
"Benefitting from the growth in the domestic economy, the aviation market will maintain a sound momentum for expansion. But the group will face challenges including the uncertainties in the recovery of global economies, the slowdown in the domestic economy and competition from high-speed railways," said Si Xianmin, chairman of the carrier.
The company will beef up its international marketing of passenger and cargo services as well as ensuring the overseas and domestic markets are complementary to consolidate its leading position in the industry, Si said.
"We expect China Southern's profit to total 3.34 billion yuan this year, 4.63 billion yuan next year and 4.7 billion yuan in 2012," said Mao Ang, an analyst at Galaxy Securities Co.
Also during the six-month period, the Guangzhou-based carrier sold its 50-percent stake in MTU Maintenance Zhuhai Co to its parent for 1.6 billion yuan.
China Southern flew 36.23 million passengers in the first half, a jump of 17 percent from a year earlier, according to the statement.
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