1. Homepage
  2. Equities
  3. China
  4. Shanghai Stock Exchange
  5. China Eastern Airlines Corporation Limited
  6. News
  7. Summary
    600115   CNE000000TR0

CHINA EASTERN AIRLINES CORPORATION LIMITED

(600115)
  Report
End-of-day quote Shanghai Stock Exchange  -  05-22
4.590 CNY   -0.22%
05/20China Eastern Vice Chairman Reportedly Outlines Steps Needed to Resume Boeing 737 Max Operations
MT
05/20China’s Aviation Industry Logs $12.5 Billion Loss in 2021
MT
05/19Asian ADRs Climb Higher in Thursday Trading
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisions 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector newsMarketScreener Strategies

China's top airlines post wider losses on COVID-19 resurgence

10/29/2021 | 10:21am EDT
FILE PHOTO: A China Southern Airlines plane takes off from Sydney Airport in Sydney

BEIJING/SYDNEY (Reuters) - China's three biggest airlines on Friday posted wider third-quarter losses than in the previous quarter as a resurgence of local COVID-19 cases drove a sharp decline in domestic travel and international borders remained closed.

The losses highlighted one of the consequences of the country's policy of seeking to eliminate COVID-19 within its borders. Each time there is an outbreak, flight numbers fall sharply before rebounding once cases are controlled.

The fourth quarter is facing similar though so far less severe issues. This week's scheduled airline capacity in China is 4.8% lower than last week because of minor outbreaks, according to data firm OAG.

Beijing-based Air China Ltd, the country's flagship carrier, said its net loss attributable to shareholders rose to 3.5 billion yuan ($547 million) in the third quarter from 578 million yuan in the second quarter, taking the nine-month net loss to 10.3 billion yuan.

China Eastern Airlines saw its net loss grow to 3.0 billion yuan from 1.4 billion yuan in the second quarter. The total loss to shareholders amounted to 8.2 billion yuan in the first three quarters.

China Southern Airlines widened its loss to 1.4 billion yuan from 682 million yuan in the second quarter for a nine-month total shortfall of 6.1 billion yuan.

The Guangzhou-based carrier said it aims to replenish its capital by raising up to 4.5 billion yuan via A-share private placement and HK$1.8 billion via H-share private placement.

A resurgence of COVID-19 cases since late July involving local airports and tour groups has been a substantial setback to the domestic travel market.

China's air passenger traffic dropped 51.5% in August from a year ago, before recovering to a decline of 24.7% in September, official data showed. The Civil Aviation Administration of China (CAAC) has said it is studying more measures to help airlines financially.

The lacklustre state of the travel market has also led some Chinese airlines to roll out "all you can fly" promotional deals in the past few weeks to stimulate demand.

With the Chinese market tepid, there appears to be little urgency for the CAAC to certify Boeing 737 MAX planes, which it grounded more than two years ago over two fatal crashes.

Sources told Reuters that chances are growing that Chinese certification will slip to next year.

Boeing executives said in an earnings call on Wednesday that a third of about 370 undelivered MAX airplanes in storage are for Chinese customers and that the company hopes to resume deliveries in China in the first quarter of next year.

Airbus Chief Executive Guillaume Faury said on Thursday there had been "ups and downs" in deliveries to China depending on the country's COVID-19 situation and willingness of customers to travel to pick up their planes.

"We've had some challenges in September from that perspective," he told analysts.

($1 = 6.3963 Chinese yuan renminbi)

(Reporting by Stella Qiu in Beijing and Jamie Freed in Sydney. Editing by Gerry Doyle and Steve Orlofsky)

By Stella Qiu and Jamie Freed


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIR CHINA LIMITED 3.28% 5.35 Delayed Quote.-3.49%
AIRBUS SE 0.24% 107.18 Real-time Quote.-4.61%
CHINA EASTERN AIRLINES CORPORATION LIMITED -0.22% 4.59 End-of-day quote.-11.05%
CHINA SOUTHERN AIRLINES COMPANY LIMITED 2.69% 4.2 Delayed Quote.-12.21%
THE BOEING COMPANY 2.79% 124.07 Delayed Quote.-40.05%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.14% 6.6706 Delayed Quote.5.35%
All news about CHINA EASTERN AIRLINES CORPORATION LIMITED
05/20China Eastern Vice Chairman Reportedly Outlines Steps Needed to Resume Boeing 737 Max O..
MT
05/20China’s Aviation Industry Logs $12.5 Billion Loss in 2021
MT
05/19Asian ADRs Climb Higher in Thursday Trading
MT
05/18China Eastern Airlines Plane Crash Was Likely Intentional, Media Reports Say
MT
05/18US Probe Finds China Eastern Plane Crash Intentional
MT
05/18U.S. investigators in China Eastern probe did not release crash info to media - state m..
RE
05/17China Eastern crash probe looks into crew actions -sources
RE
05/17Flight Data Indicates Someone In Cockpit Intentionally Crashed China Eastern Jet Earlie..
RE
05/17China Eastern Airlines Corporation Limited Announces Operating Results for the Month an..
CI
05/17China Eastern Airlines' Passenger Count Slumps 90.7% in April
MT
More news
Analyst Recommendations on CHINA EASTERN AIRLINES CORPORATION LIMITED
More recommendations
Financials
Sales 2022 87 965 M 13 228 M 13 228 M
Net income 2022 -17 543 M -2 638 M -2 638 M
Net Debt 2022 195 B 29 250 M 29 250 M
P/E ratio 2022 -7,73x
Yield 2022 -
Capitalization 74 493 M 11 203 M 11 203 M
EV / Sales 2022 3,06x
EV / Sales 2023 2,04x
Nbr of Employees 80 321
Free-Float 32,3%
Chart CHINA EASTERN AIRLINES CORPORATION LIMITED
Duration : Period :
China Eastern Airlines Corporation Limited Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CHINA EASTERN AIRLINES CORPORATION LIMITED
Short TermMid-TermLong Term
TrendsBearishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 16
Last Close Price 4,59 CNY
Average target price 4,91 CNY
Spread / Average Target 7,04%
EPS Revisions
Managers and Directors
Yang Min Li President & Vice Chairman
Zhou Qimin Chief Financial Officer & Vice President
Shao Yong Liu Chairman
Li Jun Guo Chairman-Supervisory Board
Xue Bo Dong Independent Non-Executive Director
Sector and Competitors