China Southern Airlines recorded a modest 1.8% rise in its first quarter operating profit of CNY3.55 billion ($378 million).
Revenue for the three months to the end of March climbed 10.4% to CNY37.6 billion, while operating costs rose 11.8% to CNY34.7 billion.
The Guangzhou-based carrier’s attributable net profit increased 4.1% to CNY2.65 billion.
Its cash and cash equivalents at 31 March was CNY5.54 billion, down from the CNY6.19 billion posted at the same time last year. Net cash from operations rose from CNY4.52 billion to CNY5.09 billion, but that was offset by higher loan repayments.