Airline posts 29% fall in Q3 net earnings
Source: Bloomberg News |
October 29, 2012, Monday
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Print Edition
Print Edition
CHINA Southern Airlines Co, the nation's biggest carrier by passenger numbers, saw third-quarter net profit drop 29 percent on rising operating costs and currency fluctuations.
Net income fell to 2.22 billion yuan (US$355 million) from 3.13 billion yuan a year earlier, the Guangzhou-based airline said in a filing to Shanghai stock exchange yesterday, citing domestic accounting standards. Sales rose 9 percent to 29.8 billion yuan.
Operating costs, which include fuel expenses, rose 10 percent to 22.7 billion yuan, the filing said. Financial expenses were 518 million yuan, compared with a net gain of 764 million yuan a year earlier when the yuan climbed more against the dollar.
The yuan appreciated 1.1 percent against the greenback in the third quarter, from a 0.93 percent drop in the first half and a 1.29 percent gain a year earlier, according to China Foreign Exchange System. Chinese airlines, which have substantial borrowings in dollars, benefit from a stronger yuan as it pares the repatriated value of dollar-denominated debts taken to buy planes and fuel overseas.
China Southern flew 23.8 million passengers in the third quarter, 8 percent more from a year earlier. The airline this month started flying the Airbus A380 on the Guangzhou-Los Angeles route.
Net income fell to 2.22 billion yuan (US$355 million) from 3.13 billion yuan a year earlier, the Guangzhou-based airline said in a filing to Shanghai stock exchange yesterday, citing domestic accounting standards. Sales rose 9 percent to 29.8 billion yuan.
Operating costs, which include fuel expenses, rose 10 percent to 22.7 billion yuan, the filing said. Financial expenses were 518 million yuan, compared with a net gain of 764 million yuan a year earlier when the yuan climbed more against the dollar.
The yuan appreciated 1.1 percent against the greenback in the third quarter, from a 0.93 percent drop in the first half and a 1.29 percent gain a year earlier, according to China Foreign Exchange System. Chinese airlines, which have substantial borrowings in dollars, benefit from a stronger yuan as it pares the repatriated value of dollar-denominated debts taken to buy planes and fuel overseas.
China Southern flew 23.8 million passengers in the third quarter, 8 percent more from a year earlier. The airline this month started flying the Airbus A380 on the Guangzhou-Los Angeles route.
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