Tuesday Nov 25 2008
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China Southern to cut costs by 1.3 bln yuan - Xinhua
Published: Nov 21, 2008
China Southern Airlines Co Ltd said it plans to cut costs by 1.3 bln yuan this year to counter the impact of the global financial crisis and weakening domestic demand, the official Xinhua news agency reported.
The carrier has no layoff plans at present, though it has decreased the monthly wages of its management staff by 10 pct since July, said the report.
No further details were provided.
China Southern's first half net profit rose 368.2 pct year-on-year to 838 mln yuan under Chinese accounting standards, boosted by the yuan's appreciation and higher passenger traffic.
(1 usd = 6.83 yuan)
The carrier has no layoff plans at present, though it has decreased the monthly wages of its management staff by 10 pct since July, said the report.
No further details were provided.
China Southern's first half net profit rose 368.2 pct year-on-year to 838 mln yuan under Chinese accounting standards, boosted by the yuan's appreciation and higher passenger traffic.
(1 usd = 6.83 yuan)
Major Chinese airlines have posted losses for the third quarter. The losses in the civil aviation industry are being attributed to the global financial crisis. The third quarter is traditionally a strong season for the civil aviation industry. But the five listed mainland airlines all posted losses, with no exception.
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