Daily Management Review

Chinese airlines lose $14.6B since the beginning of 2022


In the first three quarters of this year, the eight major publicly traded airlines in China experienced a net loss of 106 billion yuan ($14.6 billion), Yicai Global reports.

According to the bureau, the country-wide lockdowns enforced as a result of the spread of COVID-19 and high fuel prices are the primary causes of the mounting losses of air carriers in China.

As a result, Air China lost 33.4 billion yuan ($4.6 billion) in nine months. Chinese airlines China Eastern Airlines, Hainan Airlines, and China Southern Airlines all saw an increase in losses, bringing their totals to 28.1 billion yuan ($3.9 billion), 20.8 billion yuan ($2.85 billion), and 17.6 billion yuan ($2.4 billion), respectively.

However, this year's civilian air travel is half of what it was in 2019, before to the start of the COVID-19 pandemic, according to the agency's sources. The sector was able to recover by roughly 70% last year.

source: yicaiglobal.com