On the evening of April 29, China’s three major state-owned airlines (Air China, China Southern Airlines and China Eastern Airlines) disclosed their 2021 first-quarter financial results, with the three companies reporting a combined loss of 14.019 billion yuan (RMB), or an average daily loss of about 156 million yuan.
According to mainland media reports, the data show that in the first quarter, Air China achieved operating revenue of 14.581 billion yuan, down 15.50% year-on-year, while China Eastern Airlines achieved operating revenue of 13.395 billion yuan, down 13.32% year-on-year. China Southern Airlines was the only airline to achieve positive year-over-year growth in revenue.
In terms of net profit attributable to shareholders of listed companies, all three airlines reported a loss in the first quarter, with a combined loss of 14.019 billion yuan. Compared with the same period last year, Air China’s loss expanded from 4.805 billion yuan to 6.208 billion yuan, an increase of 1.403 billion yuan; China Eastern Airlines and China Southern Airlines lost 3.805 billion yuan and 4.006 billion yuan, respectively.
The three state-owned airlines attributed their losses to the impact of the communist virus (Wuhan pneumonia) epidemic.
On the evening of March 30 this year, Air China, China Southern Airlines and China Eastern Airlines released their 2020 results. According to the results, the three airlines lost a total of more than RMB 37 billion in 2020, making them the annual loss kings of the A-share market at the time.
According to the Securities Times, the full recovery of the mainland civil aviation industry still depends on the progress of the recovery of the international market. According to a report released by the International Air Transport Association, the air passenger market is expected to recover to 2019 levels only in 2024.
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