China’s three major state-owned airlines—Air China, China Eastern Airlines and China Southern Airlines—reported combined net losses of about 8.2 billion yuan, or $1.2 billion, in the first six months of the year. The losses were linked to higher fuel prices caused by the Iran war and disruptions to international routes, which also damaged airline revenue.
According to a Reuters report, this was the seventh consecutive year in which the three leading Chinese carriers recorded first-half losses. Last month, the companies said their combined losses for the period could reach as much as 9 billion yuan, but the final figure was about 8.2 billion yuan.
Fuel costs at all three airlines rose between 35% and 38% during the first half, significantly increasing operating expenses. China Eastern said prolonged high jet-fuel prices and war-related international route disruptions had seriously harmed its profit environment. The report also identified limited fuel hedging by Chinese airlines as a major risk, leaving their costs quickly exposed when international oil prices rise.
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