China Southern Airlines 2023 Net Loss Shrinks Thanks to Post-Pandemic Recovery
By Jiahui Huang
China Southern Airlines net loss in 2023 shrank 87% as Chinese carrier benefited from the industry's post-pandemic recovery.
The company's net loss shrank to 4.14 billion yuan ($572.8 million) from CNY32.70 billion a year earlier, it reported after the market closed Wednesday. Revenue rose 84% to CNY159.93 billion, which the company attributed to improved passenger revenue.
China's airline industry was hard hit by travel restrictions during the Covid-19 pandemic in 2022 but in 2023, China Southern Airlines' total passenger revenue more than doubled to CNY136.17 billion.
The carrier has a strong presence in southern China and said it will "make every effort" to secure time slots at Beijing Daxing International Airport and improve its transit capability. It also plans to enhance its market control in the Greater Bay Area.
The company didn't propose a final dividend for 2023, the same as in 2022.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
March 27, 2024 21:20 ET (01:20 GMT)
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