China Southern Airlines to buy 10 Airbus planes worth $2.27b

AFP, BEIJING: China Southern Airlines announced yesterday it would buy 10 aircraft worth a total $2.27 billion from European aerospace giant Airbus, as a Chinese boom in air travel defies slowing economic growth.
The carrier, one of China’s “big three” with the largest fleet by size, will take delivery of the A330-300 medium-to extended-range jets between 2017 and 2019, it said in a statement to the Shanghai stock exchange.
It was the company’s second major purchase this month following a $10 billion order for 110 planes from Boeing.
China, the world’s second largest economy, is Asia’s biggest aircraft buyer as a growing middle class takes to the skies in ever-increasing numbers.
Earlier this month China’s budget carrier Spring Airlines announced plans to buy 60 aircraft from Airbus worth $6.3 billion at list prices.
State-owned China Aviation Supplies Holding Group signed a deal with Airbus at the end of October, pledging the purchase of 100 A320 aircraft worth $9.7 billion at list prices.
Yesterday’s announcement comes at a tumultuous time at China Southern.
Its chairman Si Xianmin was put under investigation by authorities last month for “severe violations of discipline”, a phrase which typically refers to corruption. His company recorded a 48.4 per cent year-on-year fall in net profit to 1.17 billion yuan ($186 million) in the third quarter, according to an earnings report.

China Southern Airlines to buy 10 Airbus planes worth $2.27b

AFP, BEIJING: China Southern Airlines announced yesterday it would buy 10 aircraft worth a total $2.27 billion from European aerospace giant Airbus, as a Chinese boom in air travel defies slowing economic growth. The carrier, one of Chinas big three with the largest fleet by size, will take delivery of the A330-300 medium-to extended-range jets between 2017 and 2019, it said in a statement to the Shanghai stock exchange. It was the companys second major purchase this month following a $10 billion order for 110 planes from Boeing. China, the worlds second largest economy, is Asias biggest aircraft buyer as a growing middle class takes to the skies in ever-increasing numbers. Earlier this month Chinas budget carrier Spring Airlines announced plans to buy 60 aircraft from Airbus worth $6.3 billion at list prices. State-owned China Aviation Supplies Holding Group signed a deal with Airbus at the end of October, pledging the purchase of 100 A320 aircraft worth $9.7 billion at list prices. Yesterdays announcement comes at a tumultuous time at China Southern. Its chairman Si Xianmin was put under investigation by authorities last month for severe violations of discipline, a phrase which typically refers to corruption. His company recorded a 48.4 per cent year-on-year fall in net profit to 1.17 billion yuan ($186 million) in the third quarter, according to an earnings report.