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Airlines to lose over £3bn in 2009, according to Air Transport Association
Airlines will suffer losses of over £3bn in 2009, according to data released by The International Air Transport Association (IATA).
In December IATA predicted that the global air transport industry would make a loss of $2.5b in 2009, so this new estimate is considerably worse.
"The state of the airline industry today is grim, demand has deteriorated much more rapidly with the economic slowdown than could have been anticipated even a few months ago," said IATA director general Giovanni Bisignani.
Falling passenger demand, rising fuel costs and a decline in air cargo are the major factors behind the record losses currently being suffered by airlines.
Post Date: March 24th, 2009
In December IATA predicted that the global air transport industry would make a loss of $2.5b in 2009, so this new estimate is considerably worse.
"The state of the airline industry today is grim, demand has deteriorated much more rapidly with the economic slowdown than could have been anticipated even a few months ago," said IATA director general Giovanni Bisignani.
Falling passenger demand, rising fuel costs and a decline in air cargo are the major factors behind the record losses currently being suffered by airlines.
Post Date: March 24th, 2009
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