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China Southern issues profit warning for 1Q2012, expects 50% decline in net profit

16-Apr-2012 10:32 AM

China Southern Airlines forecasts (13-Apr-2012) a more than 50% year-on-year decline in net profit in 1Q2012 from the CNY1236 million (USD193 million) it reported in 1Q2011 due to “the slowdown in the domestic economic growth and the substantial increase of jet fuel prices”. The carrier also attributes the profit decline to the slowdown in the pace of appreciation of Chinese yuan against the US dollar. [more - original PR]