China's three big state-controlled airlines have asked Beijing for fresh government bail-outs after losing almost a combined Rmb30bn ($4.4bn) last year, company officials and analysts said yesterday.China Eastern Airlines, the smallest and weakest of the three, saw its total liabilities exceed its total assets by more than Rmb12.6bn at the end of 2008.
The company has already received a Rmb7bn capital injection from the government but is first in line to receive more funds after losing Rmb15.27bn under international accounting rules last year.
“Of course, we are hoping the state will inject more capital but we haven't received any response yet,” Luo Zhuping, China Eastern's board secretary, told the Financial Times.
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