China Southern Airlines reports (12-Apr-2010) the following financial highlights for the 12 months ended 31-Dec-2009:
- Revenue: USD8,027 million, -0.9% year-on-year;
- Operating costs: USD8,108 million, -10.4%;
- Fuel: USD2,400 million, -29%;
- Operating profit: USD210.9 million, compared to a loss of USD827 million in the corresponding period last year;
- Net profit: USD48.3 million, compared to a net loss of USD701 million in the corresponding period last year. [more] [more - AGM notes] [more - Perspective]
China Southern Airlines: "Turning to 2010, given that the international financial market is becoming stable steadily, the Company expects to see a normal growth of the global economy under the recovery. Driven by the proactive fiscal policy and moderately easing monetary policy, the domestic economy will also maintain an uptrend. Besides, the PRC government has put great efforts in economic restructuring, boosting the national income and stimulating the domestic consumption, which will make favorable conditions for the rapid and health development of the domestic aviation market. On top of its assurance about aviation safety, the Group will advance the strategic transformation, strive to improve the competitiveness and profitability, and enhance the service standard and brand image continuously. The financial risk of the Group will also be reduced through the optimization of asset and debt portfolio. The Group is confident of ongoing improvement in its operating performance," Company Reports. Source: China Southern Airlines, 12-Apr-2010.