Air China, China Southern Profits Decline on Currency, Fuel

China’s three biggest airlines reported a second straight decline in annual profits as they struggled with currency fluctuations and fuel costs amid a slower economic growth.

Air China Ltd., Asia’s biggest carrier by market value, said yesterday that net income in 2012 fell 35 percent because of higher expenses and a smaller gain from its stake in Cathay Pacific Airways Ltd. China Eastern Airlines Corp. and China Southern Airlines Co. also reported lower profits.