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China Southern Airlines swings to profit in Q1

China Southern Airlines Co. Ltd. said its normalized net income for the first quarter was 14 fen per share, compared with a loss of 3 fen per share in the year-earlier period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 1.44 billion yuan, compared with a loss of 298.8 million yuan in the year-earlier period.

The normalized profit margin rose to 5.2% from negative 1.2% in the year-earlier period.

Total revenue climbed 6.8% year over year to 27.72 billion yuan from 25.95 billion yuan, and total operating expenses fell on an annual basis to 24.35 billion yuan from 25.11 billion yuan.

Reported net income came to 1.90 billion yuan, or 19 fen per share, compared with a loss of 306.0 million yuan, or a loss of 3 fen per share, in the year-earlier period.

As of April 22, US$1 was equivalent to 6.19 yuan.