IATA: Middle East Airlines Will Lose $500mm This Year
Published by Irhal
The International Air Transport Association revised their global financial forecast downwards, but said the region’s carriers would lose $500 million, compared to the previous estimate of $1.5 billion. Although the crisis for aviation sector globally is increasing the outlook for Middle Eastern airlines is improving. IATA said “Airlines continue to gain long-haul market share with expanded capacity and hub…
IATA revised projected loss figure for the global aviation industry is $11 billion, $2 billion higher than previously projected, because of higher fuel prices and weak yields. Industry revenue this year are expected to drop 15 per cent or $80 billion, to $455 billion compared to 2008. IATA director general and CEO, Giovani Bisignani, said the combined losses during 2008-09 are greater than the losses resulting from 9/11.
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