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China Southern 1H2009 revenue down 9.2%, net profit drops 90.5%

31-Aug-2009 11:48 AM

China Southern Airlines revenue down 9.2% - financial highlights for the six months ended 30-Jun-2009:

  • Total operating revenue: USD3,553 million, -9.2% year-on-year;
  • Total operating costs: USD3,665 million, -10.5%;
    • Fuel: USD975.0 million, -35.9%;
  • Operating profit (loss): (USD110.5 million, compared to a loss of USD176.7 million in the previous corresponding period;
  • Net profit: USD9.5 million, -90.5%;
  • Passenger numbers: 31.0 million, +10.7%;
    • Domestic: 28.6 million, +13.3%;
    • Hong Kong, Macau & Taiwan: 576,000, -8.3%;
    • International: 1.8 million, -14.9%;
  • Passenger load factors: 74.8%, +1.7 ppt;
    • Domestic: 76.6%, +1.5 ppt;
    • Hong Kong, Macau & Taiwan: 67.6%, +5.9 ppts;
    • International: 64.3%, -0.3 ppt;
  • Total load factor: 63.6%, -1.0 ppt;
  • Breakeven load factor: 67.5%, -1.6 ppt;
  • Cargo volume: 372,000 tonnes, -13.1%;
    • Domestic: 330,000 tonnes, -9.1%;
    • Hong Kong, Macau & Taiwan: 4,000 tonnes, -33.3%;
    • International: 38,000 tonnes, -35.6%;
  • Passenger yield per RPK: USD 7.6 cents, -13.3%;
    • Domestic: USD 7.5 cents, -13.6%;
    • Hong Kong, Macau & Taiwan: USD 11.7 cents, -13.0%;
    • International: USD 8.2 cents, -9.7%;
  • Cargo yield per FTK: USD 23.7 cents, -18.6%. [more]
  • *Based on the conversion rate at USD1 = CNY6.83

China Southern: “Looking forward to the second half of 2009, the recovery of global economy remains uncertain. The international aviation market demand may still be in the doldrums, and the overall international oil price shows an upward trend, while the domestic civil aviation industry will be confronted with challenges in areas such as rapidly growing traffic capacity and spread of flu epidemic. However, various measures implemented by the PRC government to cope with the global financial crisis will have a positive effect on the economy; therefore domestic demand for aviation services will maintain a relatively rapid growth,” Company statement. Source: China Southern, 30-Aug-2009.