China Southern Airlines reported a CNY222 million ($32.5 million) first-quarter profit, down 71.3% from the CNY796 million earned in the year-ago period, on a 9.4% decrease in operating revenue to CNY12.93 billion. Operating expenses climbed 3.3% to CNY13.71 billion, and analysts credited "the return of a CNY1.07 billion aviation construction fund" for the profit. Foreign exchange losses played a role in the year-over-year decrease. The Guangzhou-based carrier did not release further ...

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