Xiamen Airlines reports a net income of RMB1.3 billion in 2013

Updated: 2014-04-07
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China Southern Airlines has reported a net profit of CNY1.89 billion ($307 million) for 2013, down 28% compared to a net income of CNY2.63 billion in 2012.

Operating revenue decreased 3.3% to CNY98.1 billion while expenses rose 1.3% to CNY87.06 billion.

The Guangzhou-based carrier attributed the results to the slowdown of domestic economic growth, high-speed rail competition, overcapacity, intensified competition and high fuel prices.

Passenger boardings jumped 6.1% to 91.79 million with an average load factor of 79.5%, down 0.6 point over the prior year. Passenger traffic climbed 9.3% to 13.14 billion RPKs against a 10.2% increase in capacity to 186.8 billion ASKs. Cargo traffic grew 3.6% to 1.3 million tonnes.

China Southern subsidiary Xiamen Airlines posted a 2013 net income of CNY1.3 billion, which it attributed to the robust growth of domestic market demand. The Xiamen-based carrier transported 18.6 million passengers, up 10.3% over 2012. Its average passenger load factor was 74.9%, down 2.1 points. Cargo traffic volume jumped 9.1% to 192,000 tonnes.

The carrier warned of tough challenges ahead, such as unstable global economic growth, yuan depreciation, fiercer competition and high-speed rail expansion.
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