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China may be recovering from the worst of its coronavirus outbreak but the gradual resumption of business and production has not helped domestic airlines make ends meet. This year, the country’s six listed mainland airlines had lost a combined 22.3 billion yuan ($3.14 billion) as of Tuesday, according to analysis by the NUAA-VariFlight Joint Research Centre for Transportation Big Data based on past financial reports. The calculations included Air China, China Southern Airlines, China Eastern Airlines, Hainan Airlines, Spring Airlines, and Juneyao Airlines. A source close to China Southern Airlines told Caixin the Guangzhou-based carrier had suffered daily average losses of nearly a hundred million yuan since Wuhan went into lockdown in late January, triggering a wave of other quarantine measures across the country. The state-run group had already lost between 6 to 7 billion yuan by the start of the month, and full quarter losses could be more than 10 billion, the source said. |
