Chinese Airlines Post Heavy First-Half Losses
China's three largest state-owned airlines reported deep first-half losses driven by surging jet fuel prices and weak domestic travel demand. Air China, China Eastern, and China Southern posted combined net losses of 8.2 billion yuan.
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AIR CHINA LTD-H reported a first-half net loss of 2.3 billion yuan, driving combined losses for China's three major state airlines to 8.2 billion yuan ($1.22 billion). The heavy losses mark a seventh consecutive half-year of red ink for the state carriers. Surging jet fuel prices and weak domestic demand fueled the downturn, reversing an earlier first-quarter profit of 4.82 billion yuan.
