China's top three airlines lose billions to pandemic

China's largest airline on Wednesday reported billions in losses over the last year, as Covid-19 wiped out international travel and virus variants dash hopes of a quick rebound.

The country's biggest carrier by passenger numbers -- China Southern Airlines -- reported a loss of 10.8 billion yuan ($1.65 billion) for 2020, despite Chinese domestic travel flickering back to life.

"With the promotion of vaccination, travel restrictions in various countries will be gradually lifted," it said in a report.

But "there remains great uncertainty in the future recovery in aviation demand."

Flag carrier Air China booked a full-year loss of 14.4 billion yuan ($2.2 billion), while China Eastern Airlines posted a loss of 11.8 billion yuan ($1.8 billion).

Global airlines have been hammered by the pandemic, halting most air passenger travel.

Although Chinese airlines' losses have been somewhat mitigated by domestic travel, with the outbreak under control within its borders, uncertainty still unsettles an overall recovery in the sector.

In February, the International Air Transport Association warned global air traffic would recover more slowly than expected this year, as coronavirus variants saw new lockdowns and prolonged entry restrictions.

bys/apj/rbu

AIR CHINA

China Southern Airlines

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