China's top airlines post losses amid slow international travel

China's leading state-owned airlines posted losses in the first half of the year, weighed down by a slower-than-expected rebound in international travel, domestic oversupply, and more intense competition as aviation capacity returns globally. China's top three airlines - Air China, China Southern Airlines and China Eastern Airlines - last reported annual net profits in 2019 before the COVID-19 pandemic took hold. China Eastern, headquartered in Shanghai, reported a first-half loss of 2.8b yuan ($395m) on Friday, compared with a loss of 6.2b in the same six months of last year. "Ticket prices in the domestic market have decreased year-on-year ... due to intensified competition in the domestic passenger transportation market, lower-than-expected recovery of some international markets, as well as the competition from high-speed rail," it said in a filing. The country's flagship carrier Air China posted a first-half net loss of 2.78b yuan, narrower than a loss of 3.45b in the same period last year, it said on Thursday. China Southern Airlines reported a net loss of 1.23b yuan in the first half, narrowing from a 2.9b loss a year earlier. The Guangzhou-based airline made a 760m yuan profit in the first quarter. Air China said international traffic grew in the first half, with passenger numbers above 80% of 2019's pre-pandemic levels. But it said its traditionally "advantageous" North American routes were recovering slowly.<br/>