Dow Jones Stock Market Today – China Eastern Airlines Posted US$1.8 Billion Loss in 2020
China Eastern Airlines posted a net loss of about US$1.80 billion in 2020 as the Covid-19 pandemic closed borders and decimated demand for global air travel.
The Shanghai-based airline booked a net loss of 11.84 billion Chinese yuan (US$1.80 billion) compared with a net profit of CNY3.19 billion in 2019.
Revenue fell to CNY58.73 billion from CNY120.99 billion in 2019 as passenger traffic volume dropped 52%.
Regarding the outlook for 2021, the company said the impact of Covid-19 on the global economy remains uncertain, with a recovery in China offset by new outbreaks globally and the spread of variants of the virus. It noted the International Air Transport Association’s forecast in February that the global civil aviation industry will suffer a loss in 2021.
The airline said it is currently negotiating with Boeing Co. on the progress of resuming operation of its fleet of 737 MAX jets. “There is still great uncertainty regarding the time for the resumption of operation and delivery” of MAX 8 jets, the airline said.
Write to Ben Otto at [email protected] Zoom.com
(END) Dow Jones Newswires
March 30, 2021 21:29 ET (01:29 GMT)
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