CHINA SOUTHERN AIRLINES NET PROFIT LEAPS IN 2010

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By TESTCustomwebLP TESTCustomwebLP January 12, 2011 20:34

CHINA SOUTHERN AIRLINES NET PROFIT LEAPS IN 2010

China Southern Airlines, the nation’s largest carrier by fleet size, said its net profit rose by an estimated 15-fold in 2010 on surging demand for air travel and cargo transport. The volume of cargo transported this year is estimated to reach 6.2 million tonnes, up from 5.6 million tonnes in 2009.

The carrier, which posted a net profit of 358 million yuan ($54 million) in 2009, did not disclose a specific earnings figure for last year in the preliminary forecast filed with the Shanghai Stock Exchange late Tuesday.

“The demand for both passenger and cargo transportation services increased substantially,” the airline said, adding that it also expected to benefit from an appreciation in the yuan against the dollar.

Shanghai-listed shares of China Southern rose 1.1% to 9.29 yuan in the morning session, outperforming the benchmark Shanghai Composite Index, which was up 0.45 percent.

The company is due to release its annual report on March 28.

China’s aviation industry has been boosted by strong economic growth, with the number of passengers expected to reach 300 million this year, up from 267 million last year, state media said Wednesday.

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By TESTCustomwebLP TESTCustomwebLP January 12, 2011 20:34
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