China Southern revenue surge, profits double in 1H2010
China Southern Airlines revenue surge 39.8% - financial/traffic highlights for the six months ended 30-Jun-2010:
- Total operating revenue*: USD4,969 million, +39.8% year-on-year;
- Total operating costs: USD4,737 million, +29.3%;
- Fuel: USD1,593 million, +63.4%;
- Operating profit: USD259.4 million, +122.6%;
- Net profit: USD303.2 million, compared with a profit of USD3.7 million in p-c-p;
- Government subsidies: USD28.7 million, +0.5%;
- Passenger numbers: 36.2 million, +17.1%;
- Passenger load factor: 77.9%, +4.1 ppts;
- Cargo volume: 512,000 tonnes, +37.6%;
- Breakeven load factor: 65.9%, -2.4 ppts;
- Yield: USD 8.49 cents, +11.5%;
- Operating cash flow: USD310.1 million, -29.5%;
- Cash and cash equivalents: USD952.1 million, +37.6%. [more]
*Based on the conversion rate at USD1 = CNY6.83
China Southern Airlines: "Looking into the second half of 2010, benefitting from steady growth in the domestic economy and optimal adjustment to economic structures, the aviation market will remain a sound momentum for rapid growth, while the improvement in national income, supported by a stimulus plan promulgated by the state, shall continue to lay a solid foundation for the aviation industry. However, we are also aware of the fact that the global economic recovery falters, and the domestic economy, affected by structure adjustment and implementation of macroeconomic control policies, may slow down. The company also faces a new challenge from the operation of high speed railways," Company statement. Source: China Southern Airlines, 17-Aug-2010.