China Southern Airlines swings to profit in 2006 on increased passenger traffic |
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Tue, 17 Apr 2007 00:45
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BEIJING (XFN-ASIA) - China Southern Airlines Co Ltd (SHA 600029; HK 1055; NYSE ZNH) said it turned around in 2006 with a net profit of 118 mln yuan under Chinese accounting standards from a net loss of 1.794 bln a year earlier due to increased passenger traffic, which offset the impact of surging jet fuel prices and intense competition.The airline, the country's largest carrier by fleet size, carried 49.205 mln passengers in 2006, up 11.5 pct year-on-year, and 851,580 tons of mail and cargo, up 6.5 pct.Passenger load factor in 2006 was 71.7 pct, up 1.6 percentage points from a year earlier, while the overall load factor was up 0.5 percentage point at 63.8 pct, the airline said in its annual report filed with the Shanghai Stock Exchange.Core business revenue in 2006 rose 20.47 pct year-on-year to 47.047 bln yuan.Under international accounting standards, the carrier's net profit in 2006 stood at 188 mln yuan compared with a net loss of 1.848 bln in 2005.Earnings per share were 0.03 yuan, against a loss per share of 0.41 yuan in 2005.It did not provide any earnings forecast for this 2007 but noted that the rise in jet fuel prices is expected to ease over the course of the year.As of end-2006, the company's total assets stood at 76.196 bln yuan, up 5.38 pct from 72.304 bln at end-2005.(1 usd = 7.72 yuan)zachary.wei@xfn.com
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Frontier March traffic up 11.5 percent 