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China Southern: 2008 profit worries realised; calls for more government aid


China Southern's profit warning earlier this year was realised with the airline reporting a worse than expected net loss of USD705.8 million for the 12 months ended 31-Dec-08, compared to a profit of USD269 million in 2007. The airline's 1.6% increase in revenue, to USD8.1 billion, was not enough to offset a 16.6% increase in operating costs, which amounted to USD9.0 billion. [1237 words]

Unlock the following content in this report:


  • Holds fleet expansion, but capacity to still rise by 10%
  • Requests more government assistance and signs new massive credit line
  • Enters codeshare agreement with Korean Air
  • Develops IT services
  • Outlook: tough challenges ahead

Graphs and data:

  • China Southern Airlines revenue growth and operating costs growth: 2004 to 2008
  • China Southern Airlines operating profit margin and net profit margin: 2003 to 2008
  • China Southern revenue passenger (RPKs) growth by region: 2007 vs 2008
  • China Southern financial highlights: 12 months ended 31-Dec-08 (USD millions)
  • China Southern current and future fleet: Apr-2009
  • China Southern IT services development
  • China Southern Airlines passenger numbers growth and cargo volume growth: Jan-08 to Mar-09
  • China Southern Airlines traffic highlights: Mar-2009
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