China Southern Airlines posts 19 pct drop in H1

China Southern Airlines said Monday net profit for the first half of 2013 was down 19 percent from a year earlier due to a slowdown in domestic demand.

Net profit ending June 30 was 344 million yuan ($55.8 million), down from 424 million yuan last year and lower than a forecast by six analysts cited by Dow Jones Newswires of 405 million yuan.

The Guangzhou-based carrier's revenue fell 1.6 percent to 46.21 billion yuan from 46.95 billion despite an increase of 6.3 percent in total passengers to 43.80 million.

The company cited a slowdown in demand for air travel, as well as increasing competition from carriers and also high-speed rail for the drops.