China Southern profits surge 40% in 2010

China Southern Airlines revenue up 40% - financial highlights for the 12 months ended 31-Dec-2010:

• Total operating revenue: USD11,295 million, +40.0% year-on-year;
• Total operating costs: USD10,769 million, +27.7%;
  • Fuel: USD3579 million, +43.3%;
  • Labour: USD521 million. +30.4%;
• Operating profit: USD958 million, +336.5%;
• Government subsidies: USD84 million, +2.2%;
• Net profit: USD883 million, +1656%;
• Total assets: USD16,946 million, +17.4%;
• Cash and cash equivalents: USD1585 million, +139.6%;
• Total liabilities: USD12,343 million, -0.6%;
• Passenger numbers: 76.5 million, +15.4%;
  • Domestic: 69.7 million, +14.1%;
  • Hong Kong, Macau and Taiwan: 1.6 million, +23.3%;
  • International: 5.2 million, +33.1%;
• Passenger load factor: 79.2%, +3.9 ppts;
  • Domestic: 80.1%, +3.5 ppts;
  • Hong Kong, Macau and Taiwan: 76.0%, +6.2 ppts;
  • International: 74.8%, +6.9 ppts;
• Cargo volume: 1.1 million tonnes, +29.6%;
  • Domestic: 874,000 tonnes, +16.5%;
  • Hong Kong, Macau and Taiwan: 12,000 tonnes, +33.3%;
  • International: 231,000 tonnes, +124.3%;
• Yield per RPK: USD 9.44 cents, +14.8%;
  • Domestic: USD 9.44 cents, +17.0%;
  • Hong Kong, Macau and Taiwan: USD 12.95 cents, +13.3%;
  • International: USD 8.84 cents, +5.5%. [more]

* Based on the conversion rate USD1 = CNY6.564

China Southern Airlines: "Turning to 2011, global economies are seen to show sluggish recovery, whereas a number of uncertainties may yet drag down its pace. Developed economies are showing lack of growth momentum, while emerging economies will face serious inflation; these will affect future growth of the global economies. Where the macro-economic control imposed by the state is becoming more stringent, the growth rate for the economy is expected to slow down," Company statement. Source: China Southern Airlines, 29-Mar-2011.