China Southern Airlines, the country's biggest carrier by passenger volume, said on April 29 its net profits slumped 42.44 percent year on year to 1.55 billion yuan ($220 million) in the first quarter of 2017.

In a report filed to the Shanghai Stock Exchange, the airline attributed its profit drop to rising global fuel prices in the three-month period.

The company's business revenue rose 10.58 percent from the same period last year to 30.97 billion yuan in the first quarter, according to the report. Earnings per share stood at 0.16 yuan.

Share price of the airline dropped 0.52 percent to 7.7 yuan on the Shanghai market Friday.

The Guangzhou-based state-owned operator announced in late March that American Airlines would spend $200 million to buy a stake in the company, which is pushing progress in its mixed-ownership reform.