Government News
China Eastern absorbs regional unit OTT Airlines 2024-09-23
China Eastern absorbs regional unit OTT Airlines
China Eastern Airlines has officially integrated One Two Three Airlines, its loss-making regional subsidiary, into its mainline operations.
China Eastern announced the absorption of OTT Airlines last Sunday. The Shanghai-based carrier also released a new ticket refund and change policy for customers who booked flights with OTT Airlines.
The integration of OTT Airlines aims to optimize China Eastern’s management structure, improve its management efficiency, reduce costs, and add OTT Airlines’ ARJ21 aircraft to its mainline fleet, China Eastern announced last Sunday.
China Eastern founded OTT Airlines in February 2020 to operate China-made planes. Its fleet is composed of 24 ARJ21, the country’s first self-developed regional passenger aircraft.
OTT Airlines reported net losses of CNY173 million (USD24.6 million) in the first half of this year and CNY584 million last year, according to data disclosed by China Eastern last Sunday. As of June 30, OTT Airlines’ net assets were minus CNY89 million (USD12.6 million).
China Eastern has ordered a total of 35 ARJ21, as well as more than 100 C919, China’s first domestically developed large passenger plane.
Source: Yicai Global
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