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MarketScreener Homepage  >  Equities  >  Shanghai Stock Exchange  >  China Southern Airlines Company Limited    600029   CNE000001FG0

CHINA SOUTHERN AIRLINES COMPANY LIMITED

(600029)
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China Southern, China Eastern Airlines post annual losses on fuel costs, weak yuan

03/29/2019 | 09:19am EST
China Southern Airlines Airbus commercial passenger aircraft is pictured in Colomiers near Toulouse

BEIJING (Reuters) - China Southern Airlines and China Eastern Airlines on Friday both posted a slump in annual profits, hit by rising fuel costs and a weak yuan currency, missing analyst forecasts.

China Southern, the country's largest carrier by passenger numbers, said its 2018 profit attributable to shareholders fell 49.6 percent to 2.98 billion yuan ($443.59 million), compared with an average forecast of 3.81 billion yuan based on 19 analysts, according to Refinitiv data.

Revenue rose 12.66 percent on the year to 143.62 billion yuan, in line with growing demand for travel in the world's fastest-expanding aviation market.

The airline warned that big fluctuations in the yuan this year, along with rising oil prices, were likely to weigh on profits in the year ahead.

Foreign exchange losses amounted to 1.74 billion yuan as the yuan fell against the U.S. dollar in the 12-month period, versus a gain of 1.79 billion yuan a year earlier.

The yuan fell by more than 5 percent against the U.S. dollar last year, pushing up financing costs at airlines which have bought planes with mainly U.S. dollar-denominated loans.

China Eastern, the country's second-largest carrier by passenger numbers, reported a 57 percent slump in net profit last year to 2.71 billion yuan. It missed the average forecast of 4 billion yuan from 18 analysts, according to Refinitiv data.

Revenue jumped 13.0 percent year-on-year to 114.93 billion yuan, the carrier said, while incurring foreign exchange losses of 2.0 billion yuan in the 12-month period.

Their main rival Air China, in contrast, posted a 1.3 percent increase in its annual net profit, outperforming analysts' forecasts, as better passenger yields outweighed the impact of rising fuel costs and a softer yuan.

A gain on its investment in Cathay Pacific Airways that reported a profit for the first time in three years also helped boost performance.

Chinese airlines are among carriers worldwide that have grounded Boeing 737 MAX aircraft over safety concerns. It is still unclear whether they will have to bear any costs, analysts say.

China Southern has grounded 25 737 MAX 8 aircraft while China Eastern has 4, data from flight-tracking website FlightRadar24 shows. Air China has 15 Max 8 aircraft grounded.

(Reporting by Stella Qiu and Brenda Goh; Editing by Clarence Fernandez and Mark Potter)


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
AIR CHINA LIMITED -1.12% 7.07 End-of-day quote.-5.61%
AIR CHINA LIMITED -0.89% 5.59 End-of-day quote.-8.36%
CHINA EASTERN AIRLINES CORPORATION LIMITED -0.65% 4.58 End-of-day quote.-2.14%
CHINA SOUTHERN AIRLINES COMPANY LIMITED -1.05% 5.68 End-of-day quote.-4.70%
EURO / US DOLLAR (EUR/USD) 0.07% 1.21741 Delayed Quote.-0.83%
MAX CO., LTD. 1.68% 1452 End-of-day quote.0.90%
THE EASTERN COMPANY -1.88% 24.55 Delayed Quote.1.87%
US DOLLAR / CHINESE YUAN RENMINBI (USD/CNY) 0.04% 6.467 Delayed Quote.-0.72%
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Financials
Sales 2020 92 594 M 14 329 M 14 329 M
Net income 2020 -8 261 M -1 278 M -1 278 M
Net Debt 2020 141 B 21 821 M 21 821 M
P/E ratio 2020 -5,87x
Yield 2020 -
Capitalization 78 437 M 12 138 M 12 138 M
EV / Sales 2020 2,37x
EV / Sales 2021 1,60x
Nbr of Employees 103 876
Free-Float 30,5%
Chart CHINA SOUTHERN AIRLINES COMPANY LIMITED
Duration : Period :
China Southern Airlines Company Limited Technical Analysis Chart | 600029 | CNE000001FG0 | MarketScreener
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 15
Average target price 4,55 CNY
Last Close Price 3,66 CNY
Spread / Highest target 40,8%
Spread / Average Target 24,4%
Spread / Lowest Target 6,24%
EPS Revisions
Managers and Directors
NameTitle
Xu Lun Ma Chairman, President & Chief Executive Officer
Jia Shi Li Chairman-Supervisory Board
Hai Long Zhu Chief Operating Officer
Jin Song Tan Independent Non-Executive Director
Shu Ge Jiao Independent Non-Executive Director
Sector and Competitors