China’s Airline Industry Collapses: All 6 Major Carriers Lose $2 Billion In Just 6 Months
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First, let’s look at the actual numbers to understand just how serious the situation is. China Eastern Airlines reported about 74 billion yuan in revenue in the first half of the year, up 11% year over year. But it still posted a net loss of 2.18 billion yuan. China Southern Airlines performed even worse. Its revenue rose 9.7% to 94.7 billion yuan, yet its net loss surged to 3.7 billion yuan, making it the biggest loss-maker among the country’s three major airlines. The three centrally owned airlines together suffered a combined loss of 8.16 billion yuan.
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