Recently, Chinese listed airlines have successively released quarterly financial reports. In the third quarter of this year, the net profits of 5 airlines including Air China showed a decline, reflecting a trend of “increased revenue but decreased profits.” China Eastern Airlines and China Southern Airlines both recorded losses in their non-GAAP net profits for the first three quarters.
As of now, a total of 7 listed airlines in China, including Air China, China Eastern Airlines, China Southern Airlines, Hainan Airlines Group, Lucky Air, Spring Airlines, and Xiamen Airlines, have completed the disclosure of their third-quarter performances for this year.
Among these airlines, apart from Hainan Airlines Group and Xiamen Airlines which saw an increase in net profits, the other 5 airlines experienced a decline in net profits in the third quarter.
Air China’s third-quarter report for 2024 showed that the company’s net profit attributable to equity holders was 4.144 billion yuan, a 2.3% decrease year-on-year; while its non-GAAP net profit was 3.873 billion yuan, a 4.7% decrease year-on-year.
The company’s net profit attributable to equity holders for the first three quarters was 1.362 billion yuan, a 72.1% increase year-on-year; non-GAAP net profit was 0.433 billion yuan, a 149.6% increase year-on-year; and the net operating cash flow amounted to 30.742 billion yuan, a 7.1% decrease year-on-year.
China Eastern Airlines’ third-quarter report for 2024 revealed that the company’s net profit attributable to equity holders was 2.63 billion yuan, a 28.2% decrease year-on-year; and its non-GAAP net profit was 2.43 billion yuan, a 30.6% decrease year-on-year.
The company recorded a net loss of 0.138 billion yuan for the first three quarters, a 94.7% increase year-on-year in terms of losses in net profit attributable to equity holders; non-GAAP net loss was 0.537 billion yuan, an 83.2% increase year-on-year in terms of losses.
China Southern Airlines stated in its third-quarter report for 2024 that the net profit attributable to shareholders of the listed company was 3.193 billion yuan, a 23.89% decrease year-on-year, while the net profit after deducting non-recurring gains and losses was 2.885 billion yuan, a 24.26% decrease year-on-year.
The net profit attributable to shareholders of the listed company for the first three quarters was 1.965 billion yuan, a 48.86% increase year-on-year; and the net profit after deducting non-recurring gains and losses was a loss of 0.579 billion yuan.
Lucky Air’s third-quarter report for 2024 showed that the operating income was 6.536 billion yuan, a 0.2% decrease year-on-year; and the net profit attributable to shareholders of the listed company was 0.782 billion yuan, a 27.21% decrease year-on-year. In the first three quarters, Lucky Air’s net profit attributable to shareholders of the listed company was 1.271 billion yuan, a 10.12% increase year-on-year.
Spring Airlines’ third-quarter report for 2024 revealed a net profit of 1.244 billion yuan, a 32.37% decrease year-on-year. The net profit for the first three quarters was 2.604 billion yuan, a 2.73% decrease year-on-year.