Hainan Airlines Holding, the aviation unit of debt-laden Chinese conglomerate HNA Group, has posted the biggest-ever annual loss among listed Chinese companies.
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.
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