China's Airlines Report Q3 Profit Declines

China's top three state-owned airlines reported declines in profits for the third quarter, despite a surge in passenger numbers, attributing the downturn to a slowing domestic economy that has led to decreased ticket prices. Air China, China Eastern Airlines, and China Southern Airlines all reported significant year-on-year profit drops, highlighting the impact of economic factors like high youth unemployment and a property crisis. Meanwhile, the Canadian Transport Agency has lifted restrictions on Chinese air carriers, allowing non-stop flights between Canada and Beijing, which may increase competition in the aviation market. European airlines are also facing challenges, with delays in new aircraft deliveries affecting operations, forcing them to rely on older, costlier planes. Lufthansa has indicated substantial revenue losses on specific routes due to these issues, while British Airways and Air France-KLM are also bracing for reduced revenues. The contrasting situations of Chinese and European airlines reflect broader trends in the global aviation industry as they adapt to changing economic conditions.