China Southern H1 net profit dips 19%

Singapore
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China Southern Airlines posted a net profit attributable to shareholders of yuan (CNY) 344 million ($56.2 million) for the first half of 2013, a 19% dip from the figure recorded for the same period last year.

The carrier's operating revenue also dropped to CNY46.2 billion from CNY46.9 billion last year, while its operating expenses rose 1.7% to CNY46.6 billion.

During the period, the carrier also recorded an operating loss of CNY114 million, a plunge from a profit of CNY1.8 billion seen last year.

The carrier was, however, helped by a net foreign exchange gain of CNY1.52 billion, due to the appreciation of yuan against the US dollar.

Total passenger traffic, as measured by RPKs, rose by 10% while domestic RPKs increased by 9.3%. Meanwhile, regional RPKs, which considers traffic from Hong Kong, Macau and Taiwan, dipped 3.2% and international traffic shot up by 15%.

Overall passenger numbers during the six months increased by 6.3% to 43.8 million. Total capacity, as measured by ASKs, grew by 9.3%. Overall load factor increased by 0.8% to 80.1%.

On the cargo front, the total volume of cargo carried increased by 2.3% to 590,000t.

"In summary, facing with the severe and complicated operating environment, the company will strive to achieve the targeted business objectives in 2013 in the second half of the year," says China Southern.