China Southern posts profit, looks for joint venture partner
26 / 04 / 2010
CHINA Southern Airlines posted a net profit for the first three months of 2010 of 1.42 billion yuan (US$205 million). This is an increase of 539 per cent from the same period last year.
Revenue increased 31 per cent from 12.93 billion yuan last year to RMB 16.88 billion yuan.
Building on its success, the airline says that it is planning on increasing its fleet to 378 aircraft from 348: buying 15 Boeing and 24 Airbus aircraft, but selling nine MD-90-30s.
In the meantime, following the stalling of its proposed joint venture with Air France-KLM, it has also confirmed that it is considering forming an alliance with another Chinese airline to boost its position in the domestic air cargo market.
“We have not ruled out the possibility of cooperating with other mainland carriers to develop the cargo business,” chairman Si Xianmin said.
