March 28, 2024 18:16 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Delhi High Court rejects PIL seeking removal of Arvind Kejriwal as CM | MHA extends AFSPA in 3 districts of Arunachal Pradesh for 6 months | Encourage fair, transparent and legal process: US comments again on Kejriwal's arrest | India and China discuss border disengagement: EAM | Indian External Affairs Minister S Jaishankar discusses defence, trade while interacting with Malaysian leaders
Hainan Airlines registers biggest-ever annual loss for a listed Chinese company Hainan Airlines
Image: Wikimedia Commons

Hainan Airlines registers biggest-ever annual loss for a listed Chinese company

India Blooms News Service | @indiablooms | 04 May 2021, 03:27 am

Beijing: Hainan Airlines Holding, the aviation unit of debt-laden Chinese conglomerate HNA Group, is facing the heat of COVID-19 outbreak as it  posted the biggest-ever annual loss among listed Chinese companies recently, media reports said.

Hit by the outbreak of Covid-19 and provisions for asset losses linked to a restructuring at its parent firm, the Haikou-based carrier reported a loss of 64 billion yuan (US$9.9 billion) for 2020, or 3.83 yuan per share, it said in an exchange statement on Friday.

And the airline continues to be unprofitable this year too – it reported a first-quarter loss of 2.6 billion yuan in a separate filing, reports The Star.

While the epidemic has paralysed the aviation industry by deterring travellers and grounding flights, HNA’s business restructuring has also added to Hainan Airlines’ financial woes, the newspaper reported.

The listed unit made provisions estimated at 30 billion yuan for deposits placed with its parent company, account receivables with affiliated parties and financial guarantees, according to its annual report. It also incurred investment losses totalling about 22 billion yuan from asset classes ranging from trust products and equities to properties, the report added.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.