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(From Xinhua Financial News - China Focus)
(Updating with reasons for forex loss) HONG KONG (AFX-ASIA) - Hong Kong-listed China Southern Airlines Co Ltd (SHA 600029; HK 1055; ADR ZNH) said it has incurred an estimated net foreign exchange loss of 180 mln yuan in its unaudited consolidated financial statement for 2003.
The company said it incurred US dollar and yen-denominated debts to finance its purchase and leasing of aircraft, turbine engines and aviation equipment.
The company had yen-denominated debts of about 22.8 bln yen as at Dec 31.
An increase in the exchange rate of the yen against the yuan by about 11.9 pct in 2003 was the main …