Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

China's aviation sector aims for profitability this year - regulator

Stock MarketsJan 10, 2022 04:31AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Passengers wearing face masks following the coronavirus disease (COVDI-19) outbreak line up to check in at the Beijing Daxing International Airport ahead of Chinese National Day holiday, in Beijing, China September 25, 2020. REUTERS/Carlos Gar

BEIJING (Reuters) - China's aviation sector will aim to turn losses into profits this year with an expected recovery to 85% of its pre-COVID volume of domestic passenger trips, the aviation regulator said on Monday.

China's domestic air traffic, once the world's envy after a fast rebound during the pandemic, is faltering due to a zero-COVID policy of quickly stamping out virus clusters regardless of the economic cost.

A growing number of imported cases as the Omicron variant spreads around the world have also led the Civil Aviation Administration of China (CAAC) to suspends more international flights recently.

The sector has been mired in deep losses since COVID-19 struck in early 2020, with China's three biggest airlines, Air China (OTC:AIRYY), China Eastern Airlines (NYSE:CEA) and China Southern Airlines, posting a combined loss of 32.5 billion yuan ($5.10 billion) in the first three quarters of 2021, after a 42 billion yuan loss in 2020.

The CAAC, in a work meeting for 2022, said air passenger trips would likely exceed 570 million this year, compared with about 660 million in 2019 before COVID-19.

"Barring repeated fluctuations in COVID-19, we will strive to reverse losses and achieve profitability this year," the CAAC said in a statement.

China has been banking on the domestic market to drive a recovery in its aviation sector, while heavily curtailing the number of international flights to discourage travel.

The CAAC said on Friday it was targeting 2023-2025 for a recovery in international air travel.

($1 = 6.3724 Chinese yuan renminbi)

China's aviation sector aims for profitability this year - regulator
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Fong SH
Fong SH Jan 10, 2022 3:25AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Yes, it's not really that serious as what the media is talking about China, citizens there are preparing to go home for their lunar new year gatherings once a year as usual. Bought some airline stocks in 2021 at the dip, now is paying lol thank you FED
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email