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China Southern forecasts 50% decline in 1H2012 net profit

11-Jul-2012 8:46 AM

China Southern Airlines forecast (10-Jul-2012) a 50% year-on-year decline in net profit due to factors including the slowdown in the domestic economic growth and the growth of demand for aviation industry, the “substantial” increase in jet fuel prices and the foreign exchange losses attributable to the depreciation of the Chinese yuan against the US dollar. In 1H2011, the carrier reported a net profit of CNY2755 million (USD421.8 million) and an earnings per share of CNY0.28 (USD 4.29 cents), according to China Accounting Standards for Business Enterprises. [more - original PR]