Several listed Chinese airlines released their third-quarter financial numbers this week. The numbers show the airline industry is still not out of the water, as repeated COVID-19 outbreaks and lockdowns throughout the country curb the willingness to travel demands of the country's citizens, and the weakening Chinese currency and surging fuel prices inflated the airlines' costs.
Air China reported an astonishing RMB 8.668 billion (USD 1.2 billion) loss in the third quarter only on the night of October 28th, which made up an unprecedented RMB 33.36 billion (USD 4.6 billion) loss for the first three quarters of 2022.
Additionally, both Shandong Airlines and Shenzhen Airlines, owned by Air China, are already in insolvency. Despite the difficult situation mentioned, Air China announced in June that it plans to take control of Shandong Airlines Group.
Guangzhou-based China Southern Airlines, with the largest aircraft fleet in China, reported a net profit loss (attributable to the parent company) of RMB 17.6 billion (USD 2.42 billion) for the first three quarters, a 187% decrease from the same number in 2021.
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