China’s Big-Three Airlines Expect 2023 Loss While Private Carriers Turn Profit

What’s new: China’s three largest state-owned airlines reported losses for the full year in 2023 while some smaller private airlines turned in a profit, thanks to the recovery of domestic tourism.

Air China Ltd. said its net loss in 2023 would probably be between 900 million yuan ($126 million) and 1.3 billion yuan ($181 million). The nation’s flag carrier cited weak demand for overseas travel as well as fierce domestic competition and high oil prices for its losses.