China Southern sees 2015 profit doubling
China Southern expects its net profit to have more than doubled in 2015 due to increased overseas travel by the Chinese, weak oil prices and lower forex losses as the yuan depreciated. Chinese carriers have given positive guidance on profit this week ahead of final annual results due to be announced in March. China Southern said expects its net profit to rise by between 110-130% in 2015 from CNY1.77b (US$269m) a year ago. A rise in outbound tourism helped boost its business on international routes, while a fall in jet fuel prices reduced overall costs. "The company took the initiative to deal with the sharp depreciation of renminbi [yuan] and substantially reduced debt ratio denominated in US dollars, (and) therefore reduced the exchange losses from the depreciation of renminbi [yuan]," it said. <br/>
https://portal.staralliance.com/cms/news/hot-topics/2016-01-27/sky/china-southern-sees-2015-profit-doubling
https://portal.staralliance.com/cms/logo.png
China Southern sees 2015 profit doubling
China Southern expects its net profit to have more than doubled in 2015 due to increased overseas travel by the Chinese, weak oil prices and lower forex losses as the yuan depreciated. Chinese carriers have given positive guidance on profit this week ahead of final annual results due to be announced in March. China Southern said expects its net profit to rise by between 110-130% in 2015 from CNY1.77b (US$269m) a year ago. A rise in outbound tourism helped boost its business on international routes, while a fall in jet fuel prices reduced overall costs. "The company took the initiative to deal with the sharp depreciation of renminbi [yuan] and substantially reduced debt ratio denominated in US dollars, (and) therefore reduced the exchange losses from the depreciation of renminbi [yuan]," it said. <br/>
