Air carriers take hits on weaker yuan

China Southern reports 10% decline in its net income in first half

China Southern Airlines, the country's largest carrier by passenger traffic, reported a drop in its net income in the first half of the year, citing the yuan's depreciation against the dollar.

Two of the country's largest private carriers, Hainan Airlines Co and Spring Airlines Co, the nation's largest budget airline, reported an increase in earnings with a surge in travel. Hainan Airlines reported a 4.4 percent gain in first-half profit to 1.67 billion yuan ($250 million), and Spring said its net income climbed to 740 million yuan.