China Southern Airlines blamed soaring fuel prices as it reported a loss according to International Financial Reporting Standards of RMB48 million ($6 million) for 2004. "Fuel costs rose substantially and accounted for more than 30% of the operating costs of the group," said Chairman Liu Shao Yong. Nevertheless, the results represented a significant improvement compared to 2003, when the SARS crisis pushed the airline into a deficit of RMB358 million. Passenger revenues jumped 40.6% to ...

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