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China Southern suffered 4.8 bln loss in 2008

China Southern Airlines has published its 2008 annual results, showing a loss of 4.8 billion yuan.

 

The annual results show that in 2008, the operating income of China Southern Airlines Company Limited was 56,427 million yuan, an increase of 1.17% compared with that of 2007; while the loss attributable to equity shareholders was 4,823 million yuan.

 

According to the report, the rise in operating expenses due to the global financial crisis and the increased price of jet fuel were the major causes of the company's loss. Total operating expenses in 2008 amounted to 61,767 million yuan, representing an increase of 16.6% over 2007. Flight operations expenses, which accounted for 56.6% of total operating expenses, increased by 20.3% to 34,982 million yuan in 2008.

 

In addition, depreciation and amortization losses on property, plant and equipment also dragged down the performance of 2008. Depreciation on assets, which accounted for 3.1% of the total operating expenses, increased from 109 million yuan in 2007 to 1,884 million yuan in 2008.

 

(China Hospitality News April 23, 2009)