Top Chinese Airlines’ Profits Fall as Flagging Economy Pressures Fares

October 30, 2024

By Lisa Barrington and Sophie Yu SEOUL/BEIJING (Reuters) - China's top three state-owned airlines reported profit declines in the third quarter despite record summer passenger numbers and fuller planes than last year, as a slowdown in domestic economic growth pushes flyers to seek cheaper fares. Beijing-headquartered Air China on Wednesday reported a net profit of 4.14 billion yuan ($581.34 million) in the quarter, down from 4.24 billion yuan a year earlier. China Eastern Airlines on the same day posted a net profit of 2.63 billion yuan, down 28.2% year on year. The country's largest airline China Southern said on Monday there was...