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Beijing Capital International Airport To Lose Over $100M Due To COVID-19

Beijing Capital International Airport is to lose over $100 M in the first half of the year due to Covid-19 Pandemic. Due to Covid-19, travel cutbacks have caused severe losses for many large airlines in the world. Despite the economic recovery in China, the continuing pandemic is likely to result in a loss for one of the largest airport operators in the country.

The estimated loss to last years for the Beijing Airport

After the close of trade at the Hong Kong Stock Exchange, the airport said in a statement that Beijing Capital International Airport is expected to lose between 740 million yuan,i.e $106 million, and 810 million yuan in the first half of 2020. The airport in a profit warning earlier this month said that the expected loss was mainly attributable to the worldwide outbreak of the Covid-19 pandemic in the first half of the year. The airport also warned, “Affected by the COVID-19 pandemic, the passenger throughput, aircraft movements, and cargo and mail throughput of Beijing Capital International Airport during the six months ended 30 June 2020 recorded a relatively substantial decrease as compared with the corresponding period last year.”

Despite the slow expanding of travel between the U.S and China this summer, the travel level is far below the year-earlier levels and is still affecting United Airlines, Delta, and many of the travelers.

The shares of Beijing Capital International Airport closed at HK$4.57, is down by 2% from the day earlier. The majority of state-owned businesses have attracted investments from funds associated with GIC, BlackRock, Citigroup, Matthews International Capital, Brown Brothers Harriman.

Also Read: GoAir Launches GoFlyPrivate

 

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