Chinese airlines tipped for record profits on tourism boom, yuan gains [Reuters]
China Southern Airlines Company Limited (ZNH)
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Source: Reuters
Chinese airlines tipped for record profits on tourism boom, yuan gains | Reuters 3 Min Read SHANGHAI (Reuters) - China’s three largest airlines are likely to report their strongest annual profits in years this week, as soaring travel demand and foreign exchange gains more than make up for a drop in income-per-passenger and the rising cost of fuel. Analysts estimate China Southern Airlines Co Ltd ( 600029.SS ) ( 1055.HK ), the country’s largest carrier by passenger numbers, will report net income on Monday of about 6.4 billion yuan ($1.01 billion), its highest in 11 years as a listed firm, showed data from Thomson Reuters. Later in the week, Air China Ltd ( 601111.SS ) ( 0753.HK ) is expected to report its biggest profit since 2010, and China Eastern Airlines Corp Ltd ( 600115.SS ) ( 0670.HK ) is forecast to book its best result since at least 1996. Driving profit is a tourism boom which saw more than 5 billion domestic trips made last year, 12.8 percent over 2016, plus 129
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