China Southern Airlines operating profit down 30% in 1H2012
China Southern Airlines revenue up 13% - financial highlights for six months ended 30-Jun-2012:
- Operating revenue: CNY46,947 million (USD7449 million), +13.3% year-on-year;
- Operating costs: CNY45,841 million (USD7273 million), +16.0%;
- Fuel: CNY18,528 million (USD2940 million), +26.6%;
- Labour: CNY5899 million (USD936 million), +22.1%;
- Operating profit: CNY1772 million (USD281 million), -30.0%;
- Net profit: CNY424 million (USD67 million), -84.6%;
- Passenger numbers: 41.2 million, +7.2%;
- Passenger load factor: 79.5%, -1.4 ppt;
- Cargo volume: 577,000 tonnes, +7.6%;
- Yield per RPK: CNY0.66 (USD 10.47 cents), +3.1%;
- Cargo yield: CNY1.60 (USD 25.39 cents), -0.6%;
- Total assets: CNY135,590 million (USD21,513 million), +4.8% when compared to period ended 31-Dec-2011;
- Cash and cash equivalents: CNY12,140 million (USD1926 million), +23.1% when compared to period ended 31-Dec-2011;
- Total liabilities: CNY98,834 million (USD15,681 million), +7.9% when compared to period ended 31-Dec-2011. [more - original PR]
*Based on the average conversion rate at USD1 = CNY6.3027 for the period
**Asian market account for 64% of total international passenger revenue
China Southern Airlines: "Looking into second half of 2012, the international economic situation will be more complicated with weak growth of the global economy. The recovery of the global economy was embraced by various uncertainties. Chinese economy is facing a greater recession pressure, which causes difficulty to maintain the economy growth. To respond to the difficult domestic and international economic situation, the Chinese government has given top priority to "maintain stable growth" and intends to further stabilize economic growth by continuously strengthening the magnitude of each controlling policy. It is expected that with the launch and adoption of the policies, the domestic economy growth is likely to be stabilized in the second half of 2012 which in turn stimulates the aviation market. However, the industrial competition is still intense during the second half of 2012." Source: Company statement, 27-Aug-2012.