China Southern Airlines Co. said it will likely post a net loss of between 300 million yuan (US$48.2 million) and 350 million yuan for the first quarter due to foreign exchange losses, the Wall Street Journal reported Tuesday. The loss compares with a 57 million yuan net profit at the same time last year, the report said. The yuan fell roughly 2.4 percent against the US dollar in the first quarter. A strong yuan benefited Chinese airlines because they have a lot of non-yuan debt to finance the purchase of aircraft, but the weaker Chinese currency is having a big impact on their bottom lines, it said.
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