(Yicai Global) May 26 -- China's major carriers and airports are becoming more confident that they will return to profit this year as the market rebounds with the lifting of the country’s zero-Covid policy, The Paper reported yesterday.
Judging from how things went from January to May, China Eastern Airlines and Air China are upbeat about this year's performance, the report said, citing senior executives at an earnings call yesterday.
And many are gearing up for a busy summer, spending more on transport arrangements than they did before the pandemic.
China Southern Airlines is preparing for the peak summer season so as to achieve good returns, the Guangzhou-based carrier said.
China Eastern will start operating the C919, the country’s first self-developed aircraft, soon and is very confident about the prospects of this large passenger plane, said Vice Chairman and General Manager Li Yangmin.
Air China, China Eastern Airlines and China Southern Airlines have all started to use their 737 Max aircraft again, after they were recently given the greenlight to return to the skies in China following two fatal crashes in 2018 and 2019. China Southern said that all 34 of the company's 737 MAX aircraft will be flying again by the end of this year.
And airports are also benefiting. Shanghai’s two main airports returned to profit in March, and profits have been growing since then, said Zhang Yongdong, director and general manager of operator Shanghai Airport.
More than two-thirds of stores at Guangzhou Baiyun Airport have re-opened, and the rent has returned to previous levels, said Wang Xiaoyong, chair and general manager of the airport in southern Guangdong province. The company is making every effort to attract more retailers.
Editor: Kim Taylor