BEIJING (Reuters) -China’s three biggest airlines posted their first collective quarterly profit in a year in the third quarter on the back of the peak summer season, but the recovery could be fleeting as oversupply continues to drag down the domestic aviation market.

Flag carrier Air China reported on Thursday a third-quarter net profit of 4.14 billion yuan ($581.22 million), down 5.16% from last year.

The airline also announced plans for an A-share private placement to raise up to 20 billion yuan, aiming to repay debts and replenish capital, according to a stock exchange filing.

China Eastern, the launch customer for the home-grown C919 narrow-body jet, swung back to a profit of 3.53 billion yuan after three quarters of losses, compared with a profit of 2.63 billion yuan in the same p

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