Shares of China Southern Airlines, the mainland's second-biggest airline, dipped in Hong Kong yesterday after the firm reported a narrowing of its net loss in the first quarter.
The stock fell 1 HK cent or 0.29 per cent to HK$3.49 yesterday while its A shares listed in Shanghai gained 37 fen or 4.98 per cent to 7.80 yuan.
China Southern's net loss narrowed to 188 million yuan in the first three months of this year from 603 million yuan a year earlier, the company said, citing mainland accounting standards.
Sales rose 26 per cent to 11.9 billion yuan as the carrier benefited from a growing number of inbound and outbound travellers and new routes.
Operating loss was slashed 54 per cent to 276 million yuan.
China Southern, reporting its first full-year profit since 2002, recorded 188 million yuan in earnings last year, improving from a loss of 1.8 billion yuan in 2005. The company, which added nine international destinations including Lagos and Tehran and 18 related routes after joining SkyTeam Alliance last year, carried 16.8 per cent more passengers to 12.56 million during the quarter.