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China Southern Airlines Q1 profit falls YOY

China Southern Airlines Co. Ltd. said its first-quarter normalized net income amounted to 11 fen per share, a decline of 46.6% from 21 fen per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.07 billion yuan, a decline of 48.1% from 2.06 billion yuan in the prior-year period.

The normalized profit margin declined to 3.5% from 7.4% in the year-earlier period.

Total revenue rose 10.6% year over year to 30.97 billion yuan from 28.01 billion yuan, and total operating expenses grew 20.0% on an annual basis to 28.77 billion yuan from 23.98 billion yuan.

Reported net income decreased 42.4% from the prior-year period to 1.55 billion yuan, or 16 fen per share, from 2.69 billion yuan, or 27 fen per share.

As of April 28, US$1 was equivalent to 6.90 yuan.