IATA halves airline profit outlook to $4bn in 2011
SINGAPORE: IATA on Monday halved its profit forecast for the airline industry to $4 billion in 2011 due to the March 11 tsunami in Japan, unrest in the Middle East and North Africa and high oil prices.
"That we are making any money at all in a year with this combination of unprecedented shocks is a result of a very fragile balance," International Air Transport Association (IATA) director-general Giovanni Bisignani said.
IATA is holding its annual general meeting in Singapore this week.
The revised profit outlook is down 54 percent from its previous estimate of $8.6 billion made in March.
If the forecast is accurate, it would mark a 78 percent decline from the post-recession profit of $18 billion that the world's airlines made last year.
Copyright AFP (Agence France-Presse), 2011
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