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China Southern Airlines narrows 2023 first half losses
July 17th 2023
China Southern Airlines (CSA) has forecast an interim net loss of RMB2.5 billion to RMB3.5 billion (US$350 million to US$490 million) from a recovery in domestic demand compared with a net loss of RMB11.5 billion in the same months in 2022. Read More » China’s largest airline by passengers said the financial results will be weighed down by a tough international operating environment and macroeconomic factors. “The company made every effort to seize the opportunities arising from market recovery, to enhance cost control and accelerate and optimise the utilisation of idle resources,” it said. The initiatives “contributed to a significant year-on-year decrease in the operating loss of the company”, CSA said in a regulatory filing. “As a result of the relatively slow restoration of international flights, oversupply in the domestic market, significant depreciation of RMB and fluctuations in the high oil price, the company still is under great operating pressure.”
