Air China Net Loss Narrowed on Surge in Air Travel

Dow Jones04-29

By Kimberley Kao

Air China's first-quarter net loss narrowed as sales nearly doubled on increased travel.

Net loss in the quarter ended March 31 narrowed to 1.67 billion yuan ($230.5 million) from CNY2.93 billion in the same period a year earlier, the Beijing-based flag carrier said Saturday.

Revenue rose 60% on year to CNY40.07 billion, driven by a significant increase in operating income, it said.

Earlier this month, the Civil Aviation Administration of China said demand for passenger travel surged in the first quarter especially during the Lunar New Year holiday, with air passenger numbers 10% higher compared to the same period in 2019.

In a separate filing, Air China said it was in negotiations to purchase 100 Comac C919 extended-range version aircraft.

The purchase would increase its fleet capacity by about 7.5%, it said.

Write to Kimberley Kao at kimberley.kao@wsj.com

(END) Dow Jones Newswires

April 28, 2024 20:28 ET (00:28 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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