China Southern plunges to $704.1 million 2008 loss

"China Southern Airlines yesterday reported its first full-year loss in three years, a CNY4.82 billion ($704.1 million) deficit that represented a reversal from the CNY1.84 billion profit reported in 2008. The airline had warned last month that its loss would be deeper than expected (ATWOnline, March 16), and a 1.6% year-over-year rise in revenue to CNY54.40 billion was not nearly enough to offset high fuel prices, the spring Sichuan earthquake, slowing demand and impairment charges related to retired aircraft. In a filing cited by both Dow Jones and Bloomberg News, CZ reported a 1.8% lift in RPKs to 83.18 billion and a 2.3% increase in passenger numbers to 58.2 million." Next.