IATA: Airlines back in profit by 2023
The International Air Transport Association (IATA) says airlines will be back in the black next year:
Profitability in 2023 ‘appears within reach’ IATA says:
It expects North America to post a combined $8.8 billion profit this year:
Overall, industry losses are expected to reduce to $9.7 billion
That marks a big improvement from losses of $137.7 billion $42.1 billion in 2021.
IATA cites efficiency gains and improving yields for shrinking losses even with rising labor and fuel costs.
Strong pent-up demand and lifting of travel restrictions are fueling a resurgence in demand.
Passenger numbers reach 83% of pre-pandemic levels in 2022.
“Airlines are resilient. It is a time for optimism, even if there are still challenges on costs, particularly fuel,” said Willie Walsh, IATA’s Director General.
Industry revenues are expected to reach $782 billion which is 93.3% of 2019 levels.
At $192 billion, fuel is the industry’s largest cost item in 2022 (24% of overall costs).
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