Airline losses soar
GENEVA – Airlines worldwide lost more than £3.7billion in the first half of 2009, according to IATA.
The association’s latest financial monitor said although the global economy is starting its slow recovery, the industry is still being hit by higher oil and jet fuel prices.
It said even in April to June, when airline would usually make about half their annual profits, airlines struggled this year.
Passenger and freight volumes have both risen by 3% month on month in July, but IATA warned that any recovery was based on "very fragile foundations".
“Both remain well below levels seen at the same time last year,” it said.
"There was a material improvement in July but the future path is likely to be volatile and weaker than normal recoveries.”
IATA represents 230 member airlines flying 93% of international air traffic.
By Bev Fearis
Bev
Editor in chief Bev Fearis has been a travel journalist for 25 years. She started her career at Travel Weekly, where she became deputy news editor, before joining Business Traveller as deputy editor and launching the magazine’s website. She has also written travel features, news and expert comment for the Guardian, Observer, Times, Telegraph, Boundless and other consumer titles and was named one of the top 50 UK travel journalists by the Press Gazette.
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