China's Three Major Airlines Post Combined First-Half Loss of 8.2 Billion Yuan

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China's three largest state-owned airlines—Air China, China Eastern Airlines, and China Southern Airlines—posted a combined net loss of 8.2 billion yuan in the first half of 2026, marking their seventh consecutive year of losses, due to higher jet fuel costs. Air China lost 2.3 billion yuan, China Eastern lost 2.2 billion yuan, and China Southern lost 3.7 billion yuan. The first-half loss reversed a profitable first quarter, when the three airlines together earned 4.82 billion yuan, boosted by travel demand during the Chinese New Year holiday. Profits were pressured by disrupted international routes and a 35-38% increase in jet fuel costs amid Middle East conflicts. Meanwhile, revenue for all three airlines grew 9.7-11.1% on strong international travel demand, particularly on European routes, as some passengers avoided Middle East hubs affected by the Iran war. Weak economic conditions and competition from high-speed rail limited the airlines' ability to raise fares. Although jet fuel prices have fallen from their second-quarter peak, they remain more than 50% above pre-war levels.

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