China Southern Airlines Posts Nearly 9-fold Rise in 2007 Profit

China Southern Airlines Co., the country's largest carrier by fleet size, said Sunday its 2007 profit soared 786 percent on the stronger yuan and greater passenger numbers.

Net profit jumped to 1.85 billion yuan (264 million U.S. dollars), or 0.42 yuan per share, from 209 million yuan, or 0.05 yuan per share, in 2006, the airline said in a statement to the Shanghai Stock Exchange, citing domestic accounting standards.

Revenue rose 18.2 percent to 55.9 billion yuan, according to the statement.

Chinese currency, the yuan, gained 6.9 percent against the U.S. dollar last year, reducing the value of China Southern's repatriated dollar-denominated debts.

The country's booming economy, which grew 11.9 percent last year, has also made business trips and holiday travels by air affordable to more residents.

Passenger numbers jumped 15.6 percent to 56.9 million, while cargo and mail volume climbed 6.5 percent to 872,000 tons. The airline filled 74.5 percent of the available seats, 2.8 percentage points higher than a year earlier.

Source: CRIEnglish