China Southern Airlines Co, the nation's biggest carrier by passengers, said its first-half profit may fall more than 50 percent because of slowing economic growth and higher jet fuel prices.

Its profit will drop from 2.76 billion yuan ($433 million) a year earlier, the Guangzhou-based company said in a statement on Tuesday. The weakening of the Chinese currency against the US dollar also caused foreign exchange losses, it said.

China Southern filled a smaller percentage of seats in the first five months of this year than a year earlier as economic growth slowed, damping travel demand.