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China Southern Airlines' profit for Q1 plunge 74.2%

Apr. 27, 2012 (China Knowledge) - China Southern Airlines Co<600029><1055>, the country's largest air carrier by fleet size, yesterday posted RMB 319 million-net profit attributable to shareholders for the first quarter of this year, reflecting a year-on-year plunge of 74.2% from RMB 1.24 billion.

The Shanghai and Hong Kong-listed airline attributed the profit decline principally to increased fuel prices.

Earnings per share were RMB 0.03 in the three-month period. Net asset value per share was RMB 3.30, climbing 0.92% year on year from RMB 3.27.

Operating revenue totaled RMB 23.69 billion in the first quarter of 2012, compared with RMB 20.51 billion in the corresponding period of 2011.

As of Mar. 31, 2012, the airline had MB 132.3 billion in total assets, whereas it had RMB 129.26 billion at the end of last year, representing an increase of 2.35%.

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