China’s major public airlines report losses

China’s leading state-owned airlines reported losses in the first half of the year, affected by a slower-than-expected recovery in international travel, an oversupply in the domestic market, and increased global competition as aviation capacity returns.

The country’s top three airlines—Air China, China Southern Airlines, and China Eastern Airlines—last recorded annual net profits in 2019, prior to the onset of the COVID-19 pandemic.

Air China, the nation’s flagship carrier, announced a net loss of 2.78 billion yuan ($392 million) for the first half of the year, a reduction from the 3.45 billion yuan loss in the same period last year.

China Southern Airlines reported a net loss of 1.23 billion yuan, down from a 2.9 billion yuan loss a year earlier, with the Guangzhou-based airline earning a 760 million yuan profit in the first quarter.

via BBC