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Shanghai’s China Eastern Airlines declares 2020 “extraordinary year”
March 31st 2021
China Eastern Airlines (CEA) described 2020 as an "extraordinary year" earlier this week when it reported a net loss of 11.8 billion yuan (US$1.8 billion) for its latest fiscal year to December 31, 2020. Read More » CEA slumped into the red for the reported 12 months from a net profit of 3.2 billion yuan in the same months in 2019. Revenue declined by 51.4%, to 58.7 billion yuan, CEA said in a regulatory filing to the Stock Exchange of Hong Kong.
"There was an expectation the global economy would recover from COVID-19 between now and 2022 as vaccines were rolled out and governments continued their support of the sector. However, new outbreaks in some countries and the spread of mutated forms of COVID-19 have resulted in some uncertainties about the economic recovery," CEA said in its financial results. Last year, the airline group added 13 aircraft to its fleet and retired 11, bringing its owned and leased aircraft to 734 at December 31.
