China Southern Airlines reports huge net profit growth for 2010
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China Southern Airlines Company Limited (China Southern) posted an upsurge in profits in 2010 from the low base in the previous year due to rebounding demand.
In its annual business report filed with the Shanghai Stock Exchange Tuesday, China Southern said its net profit increased 1,423.62 percent to 5.8 billion yuan (885 million U.S. dollars) last year compared with 381 million yuan in 2009.
China Southern, the nation's largest carrier by passenger transport capacity, said its earnings per share jumped to 0.70 yuan last year, compared with 0.05 yuan for 2009. The company reported a loss of 0.74 yuan per share in 2008.
The Guangzhou-based company attributed its profit upsurge in 2010 to rapid domestic economy expansion, consumption upgrade and China's successful hosting of Shanghai Expo and the Asian Games.
Share price of China Southern rose 0.36 percent to open at 8.3 yuan in Shanghai Tuesday.
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