China Southern Airlines operating profit increase 18% in 1H2016, net profit decline to forex loss

China Southern Airlines revenue up 1% - financial highlights for six months ended 30-Jun-2016:

• Revenue: CNY54,119 million (USD8280 million), +1.4% year-on-year;
• • Passenger: CNY48,662 million (USD7445 million), +1.1%;
  • Cargo: CNY3122 million (USD477.7 million), -2.3%;
• Costs: CNY48,636 million (USD7442 million), +0.2%;
• • Fuel: CNY10,259 million (USD1570 million), -22.6%;
  • Labour: CNY9536 million (USD1459 million), +9.85;
• Operating profit: CNY7051 million (USD1079 million), +17.8%;
• Net profit: CNY3691 million (USD564.7 million), -9.9%;
• Yield per RPK: CNY0.49 (USD 7.50 cents), -7.6%;
• • Domestic: CNY0.53 (USD 8.11 cents), -3.6%;
  • Hong Kong, Macau and Taiwan: CNY0.72 (USD 11.02 cents), stable;
  • International: 0.40 (USD 6.12 cents), -11.1%;
• Total assets: CNY190,966 million (USD29,217 million);
• Cash and cash equivalents: CNY6151 million (USD941.1 million);
• Total liabilities: CNY138,438 million (USD21,181 million). [more - original PR - English/Chinese]

*Based on the average conversion rate at CNY1 = USD0.152997

China Southern Airlines: "In the second half of 2016, the chance for a significant growth in global economy is slim and a slow increasing pace is predicted. China's economy will maintain moderate but stable development and the structural adjustments are conducted with thorough steps, while Chinese economy still faced constantly downward pressure…civil aviation market is still in robust conditions that the volume of passengers of the whole industry is expected to maintain a growth rate of 9.5-10%." Source: Company statement, 29-Aug-2016.