China Southern's Strong Operating Performance Offset by Significantly Higher Fuel Cost
No-moat China Southern delivered a mixed first-quarter result. The improving ticket pricing trend, on the back of robust demand, drove 10.6% year-on-year revenue growth to CNY 30.9 billion, but net income still declined 42% year on year to CNY 1.6 billion on significantly higher fuel cost input. Despite the weak bottom line in the first quarter, we maintain our full-year income estimate of CNY 6.1 billion, or 20% year-on-year net earnings growth, on the expectation that the Brent oil price shoul...
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