China Southern Airlines expecting 1Q2010 net profits to increase 400%
China Southern Airlines stated (16-Apr-2010) it expects 1Q2010 net profits to increase by 400% year-on-year, based on China Accounting Standards. Net profit attributable to equity holders of the company totalled CNY222 million (USD32.5 million) in 1Q2009. The company stated the results were positively influenced by improved demand, and the disposal of the 50% equity interests in MTU Maintenance Zhuhai Co Ltd to China Southern Air Holding Company during the accounting period. The company added that total issued shares increased from 6.6 billion to 8.0 billion compared to the previous corresponding period. [more - English]
China Southern Airlines: "During the accounting period, the demand for aviation and transportation services increased gradually as a result of domestic economic rebound. The Company actively increased its transportation capacity to take advantage of such improved market and thus achieved the prompt growth of its operation," Company Statement, 19-Apr-2010.