Repeated COVID-19 pandemic outbreaks, lockdowns, and strict quarantine restrictions have pushed Chinese carriers into losses for Q3 of 2022. Apart from the above factors like the weakening Chinese currency and rising fuel prices have further added to airline woes. China’s eight listed airlines together reported a loss of a total of $14.6 bn in the first nine months of 2022.
Air China reported a loss of $1.2bn in the Q3 of 2022 and a total loss of $4.6bn in the first nine months of 2022.
Experts are of the opinion that Air China’s loss is mostly due to its widebody fleet and international routes with stringent pandemic norms.
Air China has reported total assets of $40.94 bn and debt of $36.07 bn. Besides Air China’s sister airlines, Shandong Airlines and Shenzhen Airlines are in insolvency.
Meanwhile, China Eastern Airlines reported a loss of $3.9 bn while China Southern reported a loss of approximately $2bn in the first nine months of 2022.