China's top airlines post wider Q1 losses on COVID-19 resurgence

China’s three biggest airlines on Thursday reported wider losses for the first quarter when COVID-19 cases rose, but the industry’s quick recovery, helped by the country’s fast containment measures, is expected to bolster full-year results. China Eastern Airlines recorded a net loss of 3.8b yuan ($587.50m) in Q1, up from a 2.7b yuan loss in the previous quarter, while Southern Airlines saw losses deepen to 4b yuan from 3.4b. Air China recorded a loss of 6.2b yuan, up from 4.3b in Q4, likely weighed by its investment in Hong Kong’s Cathay Pacific Airways. A resurgence of COVID-19 cases in January caused a substantial setback for domestic travel, as the Chinese government called for people to not to travel for the week-long Lunar New Year holidays, usually the busiest time of year for the airlines.<br/>