China Southern had record loss in 2008

China Southern Airlines had a record net loss in 2008 as the carrier struggled with weak demand, higher oil prices and losses on its fixed assets, Dow Jones reported. The airline had a net loss of US$705.5 million in 2008, down from a profit of US$269.3 million the year before. China Southern has a high proportion of domestic routes and is therefore seen as relatively insulated from the global downturn compared with competitors China Eastern Airlines and Air China. However, the company said its outlook for 2009 remained challenging due in part to domestic overcapacity. China Southern reported a 2.3% increase in passenger volumes in 2008 over 2007.