MIAMI – Today, China Airlines (CI) has released its results for the third quarter of 2020. According to these, CI recorded a net loss of NT$707m or a loss of NT$0.13 per share compared to second-quarter results.
In the prior quarter, the airline turned a profit due to cargo service revenues, which made up for the low passenger demand. Due to these, it reported a NT$2.46b profit or NT$0.45 per share.
Regarding passenger revenue, the Asian airline recorded NT$2.88bn. This represents a 10% drop in comparison with Q3 2019. According to the carrier, the downtrend is the reflection of the current international border restrictions.
In Q3, CI also saw a drop in its cargo revenue from NT$23.4bn to NT$21.5bn. The carrier explained that the decline was the result of weaker global demand for cargo during Q3. However, the recent numbers are optimistic in comparison with the NT$10.6bn recorded as cargo revenue a year earlier.
So far 2020, CI has totaled a loss of NT$0.37 per share while it recorded a NT$0.06 per share loss in the last year the same period of nine months.
For the end of the year, the carrier expects a rebound of cargo revenue to Q2 2020 levels as it is a traditional peak season for the operation. To carry these out, the airline will take the delivery of its first Boeing 777F freighter at this time.
Featured image: Max Langley/Airways