China Southern Airlines records Q1 profit decline
China Southern Airlines, the country’s biggest carrier by passenger volume, said its net profit fell 42.44 percent yearon-year to $220 million (1.55 billion yuan) in the first quarter of 2017, attributing the loss to rising global fuel prices.
The company’s business revenue rose 10.58 percent from the same period last year to 30.97 billion yuan in the first quarter, according to the report. Earnings per share stood at 0.16 yuan.
The Guangzhou-based stateowned operator announced in late March that American Airlines would spend $200 million to buy a stake in the company, which is pushing progress in its mixed-ownership reform. (Photo 1)