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China Southern 3Q profits tumble 29 percent
by Staff Writers
Hong Kong (AFP) Oct 28, 2011


China Southern Airlines, the country's largest airline by fleet size, said Sunday its third quarter net profit fell 29 percent compared to a year earlier due to foreign exchange losses.

The airline reported that net profit fell to 2.22 billion yuan ($355 million) in the three months ended September 30, from 3.13 billion yuan in the same period a year earlier, the company said.

The Guangzhou-based airline reported 518 million yuan net finance expenses for the third quarter and attributed it to the "depreciation of RMB against the USD", it said in a filing to the Hong Kong stock exchange.

The fluctuation between the Chinese yuan and the US dollar is a major factor in the airline's profitability because much of its aircraft purchasing costs are in US dollars, Dow Jones Newswire reported.

The airline in February ordered 10 extended-range versions of the twin-engine Boeing 777 in a deal valued at nearly $3 billion.

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