By any standard that is an incredible increase. China Southern, the country’s largest airline by fleet size, said its net profit rose to $207 million in the three months ended March 31, according to Chinese accounting standards.
It didn’t give a year earlier figure for comparison nor the amount obtained by the disposal of an aircraft maintenance unit.
Operating revenue rose 31% to $2.47 billion from $1.9 billion a year earlier.
Wall Street Journal reported the Guangzhou-based airline completed the disposal of a 50% stake in MTU Maintenance Zhuhai in the first quarter, which may account for some of it, but the figures are, to say the least, surprising.