Smaller gains see 13% fall in carrier's net
By Winny Wang |
April 28, 2011, Thursday
|
Print Edition
Print Edition
CHINA Southern Airlines saw its net income drop 12.9 percent in the first quarter of this year as the carrier made smaller exceptional gains compared with a year ago.
Net profit at the Guangzhou-based carrier fell to 1.24 billion yuan (US$190.44 million) in the first three months under Chinese accounting standard, it said in a statement to the Hong Kong Exchanges and Clearing Ltd yesterday.
The country's largest carrier by fleet size said its investment income slumped 96 percent to 41 million yuan in the period, compared with 1.1 billion yuan a year earlier when it sold a 50-percent stake in MTU Maintenance Zhuhai Co Ltd.
Income tax expenses rose by 75 percent to 377 million yuan, the statement said.
However, the appreciation of the yuan against the US dollar helped the airline trim operating expenses by 273 million yuan, compared with 300 million yuan a year ago, it said.
"The yuan has increased by 1.3 percent against the US dollar in the first quarter, and the appreciation continued to quicken its pace in April," Zhang Hongbo, an analyst at CITIC Securities Co, said in a note.
"Earnings per share of China Southern are estimated to rise by 0.04 yuan when the yuan gains 1 percent," Zhang said.
The airline flew 187 million passengers in the quarter, an annual increase of 5.5 percent from a year earlier, and 262,690 tons of cargo, a yearly rise of 6.4 percent.
Net profit at the Guangzhou-based carrier fell to 1.24 billion yuan (US$190.44 million) in the first three months under Chinese accounting standard, it said in a statement to the Hong Kong Exchanges and Clearing Ltd yesterday.
The country's largest carrier by fleet size said its investment income slumped 96 percent to 41 million yuan in the period, compared with 1.1 billion yuan a year earlier when it sold a 50-percent stake in MTU Maintenance Zhuhai Co Ltd.
Income tax expenses rose by 75 percent to 377 million yuan, the statement said.
However, the appreciation of the yuan against the US dollar helped the airline trim operating expenses by 273 million yuan, compared with 300 million yuan a year ago, it said.
"The yuan has increased by 1.3 percent against the US dollar in the first quarter, and the appreciation continued to quicken its pace in April," Zhang Hongbo, an analyst at CITIC Securities Co, said in a note.
"Earnings per share of China Southern are estimated to rise by 0.04 yuan when the yuan gains 1 percent," Zhang said.
The airline flew 187 million passengers in the quarter, an annual increase of 5.5 percent from a year earlier, and 262,690 tons of cargo, a yearly rise of 6.4 percent.
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