Dow Jones Stock Market Today – Air China Slumped to $2.2 Billion Loss in 2020
By Yifan Wang
Air China Ltd. reported a deep loss for 2020 as the pandemic crippled global travel and forced airlines to slash flights.
The airline said its net loss totaled 14.40 billion yuan ($2.19 billion), compared with a net profit of CNY6.42 billion in the previous year.
Revenue nearly halved to CNY69.50 billion from CNY136.18 billion.
The Chinese company’s losses followed severe financial declines at some of its largest regional competitors, in a sign of the significant damage the pandemic has caused for airlines.
Looking ahead, Air China is betting on China’s domestic market to drive growth and to help it rebound.
It said it will slow down the introduction of wide-body aircraft given the slow recovery in international travel.
It also expects more fierce competition within the national market, as rivals refocus their international flight capacity to the Chinese market.
Write to Yifan Wang at [email protected] Zoom.com
(END) Dow Jones Newswires
March 30, 2021 20:31 ET (00:31 GMT)
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