Profits were down at China’s top three state-owned carriers for 2012 as the yuan continued to weaken against the US Dollar. China Southern, China Eastern and Air China posted a combined net profit of just over 10.2bn yuan ($1.64bn) for 2012 from 16.74bn in 2011 – that is a 39% fall. This is not the Chinese market flattening off; in fact passengers carried within China are up by some margin. The reality in all of this is that the Chinese big three posted huge gains in 2011 on the back of FX fluctuations to the tune of 7.60bn Yuan whereas

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