US airlines will continue raking in record profits in 2018
The global airline industry is on track for a record net profit next year and US carriers will pocket nearly half.
The International Air Transport Association has revised up its 2018 forecast, saying ‘these are good times for the global air transport industry.’
Earlier this year IATA estimated a combined profit of $31.4 billion but has now forecast a rise in net profit to $38.4 billion.
US airlines will post a combined net profit of $16.4 billion, IATA says.
This is despite a slight drop in market share.
"North American airlines have generated more than half of the industry’s profits produced in the past three years, but rising cost pressures have slowed further improvements," the IATA report said.
European airlines will make about $11.5 billion and Asian carriers $9 billion.
"Employment is growing. More routes are being opened. Airlines are achieving sustainable levels of profitability. It’s still, however, a tough business, and we are being challenged on the cost front by rising fuel, labor and infrastructure expenses," said IATA chief Alexandre de Juniac.
"To continue to deliver on our full potential, governments need to raise their game—implementing global standards on security, finding a reasonable level of taxation and delivering smarter regulation."
Global trade body IATA’s membership represents more than 80% of global air traffic.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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