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China Southern Airlines reports net loss
China Southern Airlines Co., one of the country's biggest carriers, on Monday reported a net loss of 907 million yuan, or $112 million, in the first half of 2005 as higher fuel prices and increased domestic competition cut into earnings. During the same period last year, the carrier reported a net profit of 266 million yuan. Revenue rose to 17.84 billion yuan ($2.2 billion) in the first half of 2005, up from 11.094 billion yuan in the year-ago period. China Southern's first-half earnings were hurt by escalating oil prices, which drove up jet fuel prices and led to a 76.6 percent increase in operating expenses to 18.26 billion yuan ($2.25 billion). "Meanwhile, competition in the domestic civil aviation market was very intense, leading to unstable yield," the airline's chairman, Liu Shaoyong, said in a statement. China Southern Airlines is 50.3 percent-owned by China Southern Group, and is one of China's biggest carriers along with China Eastern Airlines Corp. and Air China Ltd.
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