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China Southern forecasts fifteen-fold increase in 2010 profits

12-Jan-2011 9:45 AM

China Southern Airlines stated (11-Jan-2011) it expects to report a fifteen-fold jump in profit for 2010 after economic growth spurred travel and freight shipments. The airline reported a 2009 profit of CNY358 million (USD54 million), based on Chinese accounting standards, meaning the carrier is anticipating a profit of around USD810 million in 2010. China Eastern Airlines Corp has forecast a tenfold jump in 2010 profit to around USD817 million. The carrier added that during 2010, the weighted average number of shares of the company has been increased from 7.0 billion to 8.3 billion as the company completed the non-public issues of 1.5 billion A shares and 312.5 million H shares. [more]

China Southern Airlines: "In 2010, the domestic economy grew rapidly. The demand for both passenger and cargo transportation services increased substantially resulting in a good operation environment for the company. The company actively boosted its revenue level and enhanced its services quality by advancing strategic transformation and achieved a substantial growth of its operational efficiency. In addition, the appreciation of renminbi against US dollars has also brought an exchange gain in 2010," Company Statement, 11-Jan-2011.