Mar 31, 2023 09:24 PM

BUSINESS

China’s ‘Big Three’ Airlines Report Sky-High Losses

By Kelsey Cheng

Total losses at China’s “big three” state-owned airlines in 2022 ballooned to nearly 109 billion yuan ($15.8 billion) as Covid-19 restrictions upended travel and sent passenger numbers tumbling, their latest annual reports show.

Net losses at Air China Ltd. (601111.SH) widened 132% from the previous year to 38.6 billion yuan in 2022, according to its earnings report released on Thursday, making the national flag carrier the worst performer of the three.

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