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China Southern Airlines swings to loss in Q2

China Southern Airlines Co. Ltd. said its second-quarter normalized net income amounted to a loss of 4 fen per share, compared with the S&P Capital IQ consensus estimate of 17 fen per share.

The per-share result swung to a loss from the prior-year profit of 14 fen.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of 354.1 million yuan, compared with income of 1.27 billion yuan in the prior-year period.

The normalized profit margin dropped to 0.3% from 5.0% in the year-earlier period.

Total revenue rose year over year to 26.06 billion yuan from 25.62 billion yuan, and total operating expenses increased year over year to 24.70 billion yuan from 24.20 billion yuan.

Reported net income declined 94.6% on an annual basis to 86.0 million yuan, or 1 fen per share, from 1.60 billion yuan, or 17 fen per share.

As of Aug. 29, US$1 was equivalent to 6.68 yuan.