Chinese low-cost carrier Spring Airlines posted revenue of 3.9 billion yuan (US$560 million) in Q1 this year, up 63.6 percent year-on-year. A net profit of 356 million yuan compares well with a 437-million-yuan loss last year.
Last year was devastating for Chinese air carriers as people stayed home. Before 2020, China’s civil aviation business had been profitable for 11 years. Over the past three years, the industry lost at least 400 billion yuan.
Spring Airline’s revenue last year dropped 22.9 percent to 8.4 billion yuan, a 3 billion yuan net loss. In 2021, Spring Airlines’ net profit was 39.1 million yuan.
