The International Air Transport Association says all regions except the United States are expected to report larger losses next year than in 2008. -- PHOTO: AFP
GENEVA - THE main international airlines association says the industry globally will lose US$2.5 billion (S$3.7 billion) in 2009.
The International Air Transport Association says all regions except the United States are expected to report larger losses next year than in 2008.
IATA chief executive Giovanni Bisignani says 'the outlook is bleak' but US carriers will benefit from lower oil prices and cutbacks made this year to post a modest US$300 million profit in 2009.
He says the global airline industry faces the worst revenue environment in 50 years.
IATA also says passenger traffic will decline for the first time since 2001, falling by 3 per cent compared with growth of 2 per cent this year.
Mr Bisignani presented the figures to reporters in Geneva on Tuesday. -- AP
