SHANGHAI August 31, 2009,(AP) -- China Southern Airlines Ltd., one of China's three major state-owned carriers, said Monday its first-half profit fell 97 percent due to falling revenue and lower foreign exchange gains. 
Profit for January-June was 25 million yuan ($3.7 million), or 0.004 yuan per share, the carrier said. That compared with 818 million yuan in the first half of 2008.
Traffic revenue fell 9.8 percent to 23.6 billion yuan ($3.5 billion), despite an increase in traffic volume. International routes were the most severely affected.
China's state-owned airlines are struggling with weak demand amid the global economic crisis and have received billions of dollars in aid. China Southern's earnings were also hit by a sharp decline in foreign exchange gains in the first half of the year, due to a slowing in the Chinese yuan's appreciation against the U.S. dollar.
China Southern, based in the southern city of Guangzhou, reported a 4.8 billion yuan loss in 2008.
China Southern Airlines Ltd.: http://www.csair.com
Profit for January-June was 25 million yuan ($3.7 million), or 0.004 yuan per share, the carrier said. That compared with 818 million yuan in the first half of 2008.Traffic revenue fell 9.8 percent to 23.6 billion yuan ($3.5 billion), despite an increase in traffic volume. International routes were the most severely affected.
China's state-owned airlines are struggling with weak demand amid the global economic crisis and have received billions of dollars in aid. China Southern's earnings were also hit by a sharp decline in foreign exchange gains in the first half of the year, due to a slowing in the Chinese yuan's appreciation against the U.S. dollar.
China Southern, based in the southern city of Guangzhou, reported a 4.8 billion yuan loss in 2008.
China Southern Airlines Ltd.: http://www.csair.com
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