Southern Airlines 1H Earnings Plunge 33%
China Southern Airlines Ltd (NYSE: ZNH, HKG: 1055, SHA: 600029), the nation's biggest carrier by passenger traffic and fleet size, posted 46 billion yuan in revenues and 302 million yuan in net profits for 1H 2013, down 4.2% and 32.7% respectively from a year earlier. Weak demand for air travel and lower ticket prices were blamed for the declines, despite decreased fuel costs and foreign exchange gains. Fuel costs, which made up over 40% of the company's total cost, fell 7.6% year on year to 17.12 billion yuan in 1H 2013. A rising Renminbi led to a 1.44 billion yuan foreign exchange gain, compared with a 300 million yuan loss a year earlier.
BYD 1H Earnings Increase 25-Fold
BYD Co (HKG: 1211, SHE: 002594), the Chinese electric car maker backed by Warren Buffett, posted 24.2 billion yuan in revenues and 427 million yuan in net profits for 1H 2013, up 13% and 2,524% respectively from a year earlier. A smaller loss from its solar business and strong smartphone and vehicle sales were behind the profit surge, the company said.
Goldwind 1H Earnings Up 29%
Xinjiang Goldwind Science & Technology Co (HKG: 2208, SHE: 002202), China's second largest wind turbine maker, said its net profit was up 29% year on year to 93 million yuan in 1H13, including a 60 million yuan profit in Q2 2013, which was down 9% from a year earlier. Citi said the 1H profit was below expectation because of an unexpected 6% fall in revenue following an 8.2% year on year drop in sales of wind turbine generators. Revenue from wind turbine generators and component sales were down 11.1% year on year to 2.83 billion yuan.
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