China Southern Airlines’ first half profit jumps 33%; fleet and international expansion ahead

China Southern Airlines reported a 33% year-on-year increase in net profit to CNY2.76 billion (USD431.6 million) in 1H2011 (six months ended 30-Jun-2011) supported by one-off gains and “robust growth of domestic market demand stimulated by a fast growing Chinese economy.” Operating profit increased by a faster pace, by 43% to USD396.1 million, for an operating profit margin of 6.1%. [2885 words]

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This report contains the following subheadings:

• Revenue and operating cost growth of 22.1%
• Robust domestic growth amid economic growth
• Fleet of 424 aircraft: A380s and B787s on the way; E190s introduced
• China Southern looks at long-haul as domestic competition from high speed rail intensifies
• Boosting Australia/New Zealand service
• Domestic revenue comprises 83% of total; only 10% of capacity deployed internationally
• Freight revenue and traffic grows; yield weakens
• Outlook: rapid growth ahead but threats exist

This report contains the following charts and tables:

• China Southern Airlines operating profit margin vs net profit margin: 2006 to 1H2011
• Shares comparison for Hainan Airlines, China Southern, China Eastern Airlines, Cathay Pacific and Air China for the last 12 months
• China Southern Airlines operating revenue growth vs operating cost growth: 2006 to 1H2011
• Top 10 Chinese airlines (system seats): 22-Aug-2011 to 28-Aug-2011
• China Southern Airlines passenger numbers (mill): 2009 to 2011
• China Southern Airlines passenger load factor (%): 2009 to 2011
• Known A380 configurations, listed by seat count
• Air China, China Southern Airlines, China Eastern Airlines available seat kilometres (international) comparison from Aug-08 to Aug-11
• Air China, China Southern Airlines, China Eastern Airlines growth in available seat kilometres (international) comparison from Aug-08 to Aug-11
• China to Australia (seats per week, one way, 4-Jul-11 to 19-Feb-12)
• China Southern Airlines top ten routes (seats, 29-Aug-2011 to 04-Sep-2011)
• China Southern Airlines top ten routes (ASK, 29-Aug-2011 to 04-Sep-2011)
• China Southern Airlines international capacity (seats) by region (29-Aug-2011 to 04-Sep-2011)
• China Southern Airlines international capacity (ASK) by region (29-Aug-2011 to 04-Sep-2011)
• China Southern Airlines international vs domestic capacity (seats) share (29-Aug-2011 to 04-Sep-2011)
• Air China Limited, China Southern Airlines, China Eastern Airlines available freight tonne kilometres comparison from Aug-08 to Aug-11
• Air China Limited, China Southern Airlines, China Eastern Airlines revenue freight tonne kilometres comparison from Aug-08 to Aug-11
• China Southern Airlines key operating statistics: six months ended 30-Jun-2011 vs six months ended 30-Jun-2010