China’s three biggest airline groups all reported lower net profits in the third quarter on increased revenues for the three months ending 30 September 2024.
Air China net profits after one-off items were down 5%, the smallest fall of the three carriers, while profits after non-recurring impacts at China Southern Airlines and China Eastern Airlines fell 30% and 24% respectively. The airlines do not disclose an operating result for the period.
Star Alliance carrier Air China’s net profit of CNY3.9 billion ($548 million) in the third quarter was based on a 6% increase in revenues CNY48.6 billion.
The carrier turned in an operating profit of CNY830 million after nine months, as sharp improvement on losses CNY430 million at the same stage in 2023. However, Air China’s net profit though was down by around CNY400 million to CNY770 million
China Southern revenues in third quarter were almost 5% higher at CNY49.9 billion. The carrier’s third quarter net profit after one-off items slipped 24% to CNY2.9 billion.
The Guangzhou-based airline’s nine-month operating profit of CNY2.7 billion was down on the CNY3.6 billion recorded at the same stage last year. However, net profit at the same stage was CNY900 million higher CNY3.7 billion.
China Eastern lifted revenues over 6% to CNY38.3 billion in the third quarter. The airline posted a net profit after one-off items of CNY2.6 billion – down 30% on the same period last year.
China Eastern recorded a nine-month operating loss of CNY319 million. While it remains in the red at an operating at the nine-month stage, it does though mark a significant improvement on losses of CNY3.2 billion over the first three quarters of last year. Similarly it has almost wiped out net losses over the same period, from CNY2.6 billion to CNY184 million.
![Cathay Pacific X Air New Zealand[2][3][3][4][1]](https://d3lcr32v2pp4l1.cloudfront.net/Pictures/100x67/1/2/5/106125_cathaypacificxairnewzealand23341_78878.jpg)
