China’s 3 Biggest Airlines Head for Losses as Fuel Costs Bite and Exit Rules Tighten
The state-owned carriers lost money through September despite rising revenue, while Beijing’s new exit rules add uncertainty to their overseas business.
TL;DR
- China's three biggest state-owned airlines are projected to incur full-year losses.
- The airlines lost money during the first nine months of the year, a period when they were profitable in the previous year.
- Air China's third-quarter net profit dropped by 92.6% year-on-year.
- China Eastern's third-quarter net profit fell by 98.2% year-on-year.
- China Southern reported a third-quarter loss of 609 million yuan, a reversal from a 3.84 billion yuan profit a year earlier.