Airline profits tumble
Airline earnings for the three months to June fell for the first time in two years due to rising oil prices, according to the International Air Transport Association (IATA).
Early figures for 16 carriers showed operating profits shrank by one-third and net income fell almost two- thirds.
Airlines' European operations made more money than in the same period last year, but only because last year's profits from the region were hit by the ash cloud.
Demand during the period was up 4% to 5% on the same time last year, but airlines increased their capacity by a greater percentage, resulting in slightly reduced load factors during June.
At the same time, fuel prices – which account for 30% of airlines' operating costs – – rose to top $130 a barrel.
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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