Downfall: China Southern’s profit down 24%

The Guangzhou-based airline is one of three state-owned airlines hit by double-digit net profit drops for 2013.

HONG KONG: China Southern Airlines, the country’s biggest airline by fleet size, said its net profit for 2013 fell more than 20%, the latest Chinese carrier to be hit by a weak economy and stiff competition. Net profit was 1.99 billion yuan ($320 million), down 24.2% from the previous year’s 2.62 billion yuan, with revenue also one percent lower at 98.55 billion yuan, it said in a statement filed to the Hong Kong stock exchange. The Guangzhou-based airline is one of the three state-owned airlines hit by double-digit net profit drops for 2013, with Air China seeing a 32% fall, at 3.32 billion yuan, compared to 2012. Shanghai-based China Eastern Airlines also saw its 2013 net profit slide by 25% to 2.38 billion yuan compared to the previous year.

Published in The Express Tribune, March 30^th, 2014.

Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.