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AIR CHINA LIMITED

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Delayed Hong Kong Stock Exchange  -  04:08 2022-06-27 am EDT
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China's top airlines post heavy Q1 losses on COVID curbs

04/29/2022 | 07:32am EDT
FILE PHOTO: The logo of Air China is pictured on a tail on an airplane parked at the aircraft builder's headquarters of Airbus in Colomiers near Toulouse

BEIJING (Reuters) - China's three biggest airlines have reported heavy first-quarter losses as prolonged COVID curbs weighed on travel demand and a weakening Chinese currency and rising fuel prices inflated costs, trends which persist in the current quarter.

Analysts expect another year in the red for Chinese airlines as Beijing sticks with its zero-COVID policy to stop the spread of the virus.

China Eastern Airlines on Friday reported a first-quarter net loss of 7.8 billion yuan ($1.18 billion) versus 3.8 billion a year earlier. The Shanghai-based carrier lost 4.05 billion yuan in the fourth quarter of last year.

Shanghai in late March started ordering its 25 million residents to stay at home as authorities raced to contain record COVID-19 case numbers, leading to the cancellations of almost all domestic flights from the city's two airports throughout April.

Beijing-based Air China, the country's flag carrier, late on Thursday reported a quarterly net loss of 8.9 billion yuan, its largest since records began in 2008.

A year earlier it reported a loss of 6.2 billion yuan.

The capital city, which had put in place a strict entry policy ahead of the Olympic Games in February, is also grappling with fresh coronavirus outbreaks. Flight cancellation rates at Beijing's two airports have reached around 80%, according to data from Flight Master.

China Southern Airlines posted a first-quarter net loss of 4.5 billion yuan, up from 4.0 billion a year earlier.

The outlook for China's domestic summer travel season is looking bleak at a time when international travel remains effectively closed.

Air passenger traffic over the upcoming five-day Labour Day holiday, typically a high travel period, is set to fall 77% from a year earlier, China's aviation regulator has forecast.

Slack demand has delayed the return of the Boeing 737 MAX to Chinese skies, even though China's aviation regulator lifted a grounding order late last year.

"The COVID environment has put a really tough situation in play because our customers are not flying. They're down 70% in their domestic travel, and this is significant for them," Boeing CEO David Calhoun said on an earnings call on Wednesday.

($1 = 6.5895 Chinese yuan renminbi)

(Reporting by Stella Qiu in Beijing and Jamie Freed in Sydney)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AIR CHINA LIMITED 5.30% 6.16 Delayed Quote.7.54%
CHINA EASTERN AIRLINES CORPORATION LIMITED 1.86% 4.92 End-of-day quote.-4.65%
CHINA SOUTHERN AIRLINES COMPANY LIMITED 2.60% 4.34 Delayed Quote.-9.42%
THE BOEING COMPANY 5.64% 141.53 Delayed Quote.-29.70%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.02% 6.68478 Delayed Quote.5.15%
All news about AIR CHINA LIMITED
06/22China Resumes More International Flights, Shortens Quarantines for Overseas Arrivals
MT
06/17AIR CHINA : Announcement on key operating data of may 2022(2022-06-16)
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06/17China's civil aviation regulator gets new party chief
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06/16Air China, Two Others Resume International Flights
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06/16Air China's Passenger, Cargo Volume Improve in May
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06/15Air China to Pay $47 Million For Remaining Stake in Shandong Airlines
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05/31Air China Eyes Controlling Stake in Shandong Airlines Parent
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05/27China Southern, Air China, Hainan Airlines to Resume International Flights
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Financials
Sales 2022 84 756 M 12 670 M 12 670 M
Net income 2022 -17 945 M -2 683 M -2 683 M
Net Debt 2022 155 B 23 171 M 23 171 M
P/E ratio 2022 -4,03x
Yield 2022 -
Capitalization 125 B 18 651 M 18 651 M
EV / Sales 2022 3,30x
EV / Sales 2023 2,13x
Nbr of Employees 88 395
Free-Float 27,2%
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Number of Analysts 19
Last Close Price 4,99 CNY
Average target price 4,99 CNY
Spread / Average Target 0,18%
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Chong Xian Ma Vice Chairman & President
Feng Xiao Chief Financial Officer
Chao Fan He Chairman-Supervisory Board
Zhi Yong Song Chairman
Jiliang Ni Chief Engineer
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