[HONG KONG] The largest carrier of China by fleet size, China Southern Airlines, in the first 3 months of this year notified risk of a loss just above US 50 million dollars, mainly because of recent yuan’s exchange losses.
Although, last year the company was earning a net profit of 57m yuan during the same period. However, while filing to the Hong Kong Stock Exchange in January, the firm declared that it would loose 300m to 350m yuan (approx 48.2m to 56.3m US dollars).
Company said that “The financial expenses of the company substantially increased as compared with the corresponding period of 2013 due to the exchange losses… resulting from the substantial depreciation of renminbi”
It should be noted that earlier this year in March, Yuan reached its lowest value against US dollar in its 13 months of uprising.