China Southern operating profit down 31%, China growth to slow in 2012
China Southern Airlines revenue up 18% - financial highlights for 12 months ended 31-Dec-2011:
- Revenue: CNY90,395 million (USD14,003 million), +18.2% year-on-year;
- Total operating costs: CNY87,063 million (USD13,487 million), +23.2%;
- Fuel: CNY32,675 million (USD5062 million), +391%;
- Labour: CNY4412 million (USD683 million), +29.0%;
- Operating profit: CNY4353 million (USD674 million), -30.7%;
- Net profit: CNY5110 million (USD792 million), -11.8%;
- Total assets: CNY129,412 million (USD20,047 million), +16.2%;
- Cash and cash equivalents: CNY9863 million (USD1528 million), -5.2%;
- Total liabilities: CNY91,635 million (USD14,195 million), +13.1%;
- Passenger numbers: 80.7 million, +5.5%;
- Passenger load factor: 81.0%, +1.8 ppts;
- Yield per RPK: CNY0.67 (USD 10.38 cents), +8.1%;
- Cargo volume: 1.1 million tonnes, +1.6%;
- Fleet: 444 aircraft, +5.2%;
- Boeing: 223 aircraft: +7.2%;
- Airbus: 208 aircraft: +8.9%;
- McDonnell Douglas: None, -100%;
- Others: 13, +18.2%. [more - original PR]
*Based on the average conversion rate at USD1 = CNY6.4554
The carrier reported it received CNY828 million (USD128 million) in government grants, an increase of 49.7%.
China Southern Airlines: "As the negative influence of the European debt crisis, it is anticipated that the world economy will recover at a slow pace in 2012. Along with the sluggish economy in developed economies and the domestic macro control measures, domestic economic activities will be hampered and economic growth in the PRC is expected to slow down. Affected by the overall economic condition, the 2012 international aviation market will be relatively weak with anemic growth, and cargo transport market will also remain depressed. Though the domestic passenger aviation market will continue to grow due to the economic environment in China, the growth rate is expected to slow down," Company statement. Source: China Southern Airlines, 29-Mar-2012.