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Mainland China carriers back in loss-making territory after Q3
November 3rd 2026
Air China, China Eastern Airlines (CEA) and China Southern Airlines (CSA) have all posted losses for the nine months to September 30 as higher fuel prices cancelled out revenue gains. Read More » CSA was deepest in the red among Mainland China’s big three airline groups, reporting a net loss of 4.3 billion yuan (US $648 million) for the nine months to September 30 2026, compared with net profit of 2.3 billion yuan in the same nine-month period in 2025. Revenue rose 6.9% to 147.2 billion yuan. "The company’s profitability decreased significantly, mainly due to the adverse impact of volatile fuel prices," CSA said in a regulatory filing. CEA reported a net loss of 2.1 billion yuan for the nine months, representing a more than 4 billion yuan deterioration from net profit of 2.1 billion yuan in the prior year. Revenue at CEA increased 10% to 117.1 billion yuan. "The continued geopolitical tensions in the Middle East drove international crude oil prices to fluctuate at high levels, which in turn resulted in a significant surge in jet fuel prices," CEA said in a regulatory filing. It was a similar story at Air China, which had a net loss of 2 billion yuan for the nine-month period, compared with net profit of 1.9 billion yuan in 2025. Revenue at the Star Alliance member was 8.6% higher at 141 billion yuan. "The company’s jet fuel costs have increased significantly, resulting in substantial year-on-year fluctuations in its profit indicators," Air China said in a regulatory filing.
