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 30th, 2014.
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 30th, 2014.