Loading
1-Sep-2014 10:15 AM

China Southern Airlines reports operating profit on government grants in 1H2014

China Southern Airlines revenue up 9% - financial highlights for six months ended 30-Jun-2014:

  • Total operating revenue: CNY50,225 million (USD8177 million), +8.7% year-on-year;
    • Passenger: CNY45,040 million (USD7333 million), +8.4%;
    • Cargo and mail: CNY3305 million (USD538.0 million), +12.8%;
  • Total operating costs: CNY50,429 million (USD8211 million), +8.2%;
    • Fuel: CNY18,345 million (USD2986 million), +7.1%;
    • Labour: CNY7622 million (USD1241 million), +13.2%;
  • Operating profit: CNY775 million (USD126.2 million), compared to a loss of CNY103 million (USD16.8 million) in p-c-p;
  • Net profit (loss): (CNY1057 million) (USD172.1 million), compared to a profit of CNY344 million (USD56.0 million) in p-c-p;
  • Total assets: CNY177,717 million (USD28,935 million);
  • Cash and cash equivalents: CNY12,007 million (USD1955 million);
  • Total liabilities: CNY136,469 million (USD22,219 million). [more - original PR - English/Chinese]

*Based on the average conversion rate at USD1 = CNY6.1419

The carrier also reported a 257% year-on-year increase in government grants to CNY836 million (USD136.1 million) in 1H2014.

China Southern Airlines: "China looks forward to a normal of medium and high economic growth rate and stable development of civil aviation. Air transport tends to become more popularized at a lower fare, yet the air industry sees more opportunities, under the background of deepening reform as well as the continuous economic development in China. With the improvement of living standards in China and the tourism industry's development, there is a substantial room for the development of aviation industry in future." Source: Company statement, 30-Aug-2014.

Want More News Like This?

CAPA Membership provides access to all news and analysis on the site, along with access to many areas of our comprehensive databases and toolsets.
Find Out More