China Southern 2019 net profit fell 9%
China Southern said its net profit fell 9.0% in 2019 as a rise in interest expenses offset revenue growth. Net profit for the year was 2.64b yuan ($371.8m), down from CNY2.90b in 2018, the Guangzhou-based company said late Monday. Operating revenue grew 7.5% from a year earlier to CNY154.32b, while interest expenses, primarily on lease liabilities, rose 83% to CNY5.85b, the airline said. China Southern said the spread of Covid-19 has cut into its business in 2020, with revenue-ton kilometers in the first two months of the year down 37% from the same period in 2018. "The group estimates the outbreak will have an adverse impact on the group's business operation and operating revenue, which casts uncertainties in the group's operating environment," it said.<br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-04-01/unaligned/china-southern-2019-net-profit-fell-9
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China Southern 2019 net profit fell 9%
China Southern said its net profit fell 9.0% in 2019 as a rise in interest expenses offset revenue growth. Net profit for the year was 2.64b yuan ($371.8m), down from CNY2.90b in 2018, the Guangzhou-based company said late Monday. Operating revenue grew 7.5% from a year earlier to CNY154.32b, while interest expenses, primarily on lease liabilities, rose 83% to CNY5.85b, the airline said. China Southern said the spread of Covid-19 has cut into its business in 2020, with revenue-ton kilometers in the first two months of the year down 37% from the same period in 2018. "The group estimates the outbreak will have an adverse impact on the group's business operation and operating revenue, which casts uncertainties in the group's operating environment," it said.<br/>
