Airline losses to hit USD6bn: IATA
IATA claims airlines will lose USD6 billion ($7.89 billion) this year and the industry will be subject to further consolidation as high fuel prices and soaring costs outpace growth.
The association’s director general, Giovanni Bisignani, said IATA had previously estimated losses for 2005 at USD5.5 billion ($7.23 billion).
“Parts of the industry are profitable,” Bisignani said. “But the margins are not acceptable for a USD400 billion ($525.83 billion) industry, and urgent action and change are needed.”
31 May 2005
His next speech is to be followed closely, I believe.