China Southern Sees Lower Q1 Profit
Published: April 13, 2012
China Southern Airlines expects its net profit in the first quarter to fall by over 50 percent from a year earlier due to a slowing Chinese economy and rising jet fuel prices.
“Due to the factors including the slowdown in the domestic economic growth and the substantial increase of jet fuel prices, the operating results of the company declined in the first quarter of 2012,” China Southern said in a statement to the Hong Kong stock exchange.
“In addition, the slowdown in the pace of appreciation of renminbi against US dollar has also brought the substantial decrease of exchange gain in the first quarter of 2012.”
In 2011, China Southern’s net profit fell 12 percent to CNY5.1 billion yuan (USD$ 808.59 million).