IATA say airline losses will hit $9bn this year
08.06.09
The worlds airlines will lose $9bn (£5.7bn) this year, nearly double previous forecasts, as they fight to stay in business in the ‘most difficult’ trading conditions they have ever faced, the industry's leading body has warned. Hit by a collapse in business traffic, falling fares and the threat of a repeat of last year's fuel cost rises, the airline industry is expected to come close to matching last year's losses of $10.4bn, the International Air Transport Association (IATA) said.
Revenues are expected to fall by 15% this year, a decline of $80bn, as passenger numbers fall and airlines slash fares in a battle for the dwindling customers. As a result, the IATA forecast for industry losses this year has nearly doubled from their March estimate of $4.7bn to $9bn. Giovanni Bisignani, IATA chief executive, said the industry's future depended on a ‘drastic’ reshaping by Governments, through lower taxation and fewer ownership guidelines, and by mergers between airlines.
Add to: del.icio.us | Digg it | Newsvine | NowPublic | Reddit
To book gatwick airport hotel or gatwick airport car park at the lowest price, click on these links to two great gatwick parking and gatwick hotels price comparison pages.
