The airline confirmed a quarterly net profit of 270.60 million yuan, or $40.6 million, underscoring a difficult environment for the flag carrier. Company leadership pointed directly to the steep rise in global oil prices as the primary driver behind the substantial year-on-year volatility in its financial performance.

This quarterly result deepens a broader slump for the year. For the first nine months, the airline recorded a net loss of 2.015 billion yuan, a sharp reversal from the 1.87 billion yuan profit posted during the same period in the previous year. Investors have responded to these figures and the persistent margin pressure with skepticism, driving Air China shares down more than 30% in Shanghai and over 40% in Hong Kong throughout the year.