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China Southern posts 9% increase in Q3 profit

China Southern Airlines saw its third quarter operating profit rising 8.9% to CNY3.34 billion ($473 million).

China Southern Airlines saw its third quarter operating profit rising 8.9% to CNY3.34 billion ($473 million).

Total revenue for the period ended 30 September stood at CNY43.7 billion, a 5.8% increase year-on-year. Total costs, meanwhile, increased 7.1% to CNY42.2 billion.

Net profit stood at CNY2.39 billion, 17.2% higher than the same quarter last year.

For the nine months ended 30 September, the carrier saw its operating profits fall 8.4% to CNY5.42 billion. Revenue for the period was up 7.1% to CNY117 billion, while costs outpaced revenue, increasing 8.1% to CNY115 billion. Net profit declined 6% to CNY4.08 billion.

The airline ended the period with significantly lower cash and cash equivalents — this year, the figure stands at CNY1 billion, compared to CNY15.7 billion for the corresponding period last year.

No discussion was provided by airline management for the results.