China Southern Airlines said Wednesday that it has agreed to buy 20 Airbus A320 aircraft with a list value of USD$1.54 billion.

China Southern said in in a statement that each aircraft cost USD$76.9 million, based on the list price. It added that the planes were due to be delivered from 2011 to 2013.

The carrier, like its peer Air China, also said its annual results for 2009 were expected to show a return to profit on the back of a fall in fuel prices and a steady recovery in passenger demand.