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China Southern Airlines profit misses consensus by 53.9% in Q3

China Southern Airlines Co. Ltd. said its normalized net income for the third quarter was 8 fen per share, compared with the S&P Capital IQ consensus estimate of 18 fen per share.

EPS decreased 52.3% year over year from 17 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 811.1 million yuan, a decline of 52.8% from 1.72 billion yuan in the prior-year period.

The normalized profit margin declined to 2.6% from 5.4% in the year-earlier period.

Total revenue grew year over year to 32.00 billion yuan from 31.61 billion yuan, and total operating expenses declined 7.9% from the prior-year period to 26.31 billion yuan from 28.56 billion yuan.

Reported net income declined 48.4% from the prior-year period to 1.17 billion yuan, or 12 fen per share, from 2.27 billion yuan, or 23 fen per share.

As of Oct. 30, US$1 was equivalent to 6.32 yuan.