Eight listed Chinese airlines lost nearly 70 bn yuan in first half, top three carriers made 49.7 bn yuan loss
STOCKS
Eight listed Chinese airlines lost nearly 70 bn yuan in first half, top three carriers made 49.7 bn yuan loss
STOCKS

Eight listed Chinese airlines lost nearly 70 bn yuan in first half, top three carriers made 49.7 bn yuan loss

 

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Eight listed Chinese airlines recorded combined losses of nearly 70 billion yuan ($10.16 billion) in the first half of 2022 due to the persistent impact of Covid-19 outbreaks, according to their earnings results.

Air China recorded the largest loss of 19.44 billion yuan, almost double the loss incurred during the same period last year. China Eastern Airlines, Hainan Airlines and China Southern Airlines each announced respective losses of more than 10 billion yuan. The combined losses of the country’s top three carriers – Air China, China Eastern and China Southern – reached a record high of 49.7 billion yuan.

The three aviation giants all witnessed an increase in company debt as of June 30, of which the total liabilities held by China Eastern amounted to 254.992 billion yuan, an increase of 10.08% over the end of the previous year.

Fuel costs for the three airlines stood at 33.703 billion yuan, accounting for more than one fourth of the operating costs. Among them, China Southern recorded the highest jet fuel cost, reaching 14.395 billion yuan, a year-on-year increase of 16.69%.