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China’s aviation industry loses $ 4.9 billion in the second quarter of the coronavirus case

 


FILE PHOTO: East China Airlines planes seen parked on tarmac at Hongqiao International Airport in Shanghai, following the outbreak of coronavirus (COVID-19), China June 4, 2020. REUTERS / Aly Song

PART (Reuters) – China’s aviation industry plunged further into red, losing 34.25 billion yuan ($ 4.89 billion) in the second quarter, just slightly tighter than in the first quarter, highlighting the colossal financial impact from coronavirus pandemic.

In the first quarter, the industry, which includes airlines, airports and other aviation companies, lost 38.1 billion yuan, according to data released by China’s Civil Aviation Administration (CAAC) on Friday.

China’s aviation industry is recovering faster than most countries emerging from COVID barriers, backed by a steady recovery in the domestic travel market as the epidemic was largely brought under control.

But the number of passengers showed that the sector is still below pre-COVID-19 levels, according to the latest official data. The number of passengers in June fell by 42.4% from a year earlier to 30.74 million, the CAAC said, although this was better than a 52.6% drop in May.

In the first half of this year, the total number of passengers fell by 45.8% from a year earlier.

To increase cash flows, some Chinese airlines have recently rolled out discounts that would allow travelers unlimited travel at home with some restrictions. East China Airlines (600115.SS) is the first in June to sell flying flights “fly willingly” for unlimited weekend trips within the country by the end of the year.

The deal was met with great consumer enthusiasm and more airlines followed suit. Hainan Airlines (600221.SSthis month offered customers flight passes that would allow them to make unlimited trips to or from the island of Hainan, a popular tropical tourist destination.

(1 $ = 7.0017 juan renminbi Chinese)

Reporting by Stella Qiu and Jamie Freed; Edited by Christian Schmollinger & Sri Navaratnam

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