News
China Eastern Airlines reports first half US$2.7 billion loss
September 1st 2022
China Eastern Airlines (CEA) has announced a net loss of 18.7 billion yuan (US$2.7 billion) for the six months to June 30. Read More » It reported a net loss of 5.2 billion in the same months a year ago. Revenue fell 44.2%, to 19.4 billion yuan, CEA has informed the Stock Exchange of Hong Kong. Operating expenses were lower by 14.7%, at 36.9 billion yuan. China's domestic aviation sector was severely impacted in the first half of calendar 2022 from the COVID-19 pandemic, international geopolitical conflicts and an economic downturn, the Shanghai-headquartered carrier said. It also was hit by COVID-19 outbreaks and lockdowns in Shanghai, its main hub. However, there is optimism the worst is over. “As impacted by the resurgence of the pandemic, domestic civil aviation transportation and production have hit the trough,” CEA said. “As the pandemic stabilises and the macro-economy progresses, flights for the domestic civil aviation market have rebounded from the bottom since April 2022 showing a trend of recovery. Operating efficiency indicators such as passenger traffic volume, passenger load factor and unit revenue have yet to recover to pre-pandemic levels,” CEA said.
