Wed, Apr 20, 2005
Predicts Airlines Will Lose $5.5 Billion In '05
IATA Director General Giovanni
Bisignani issued a grim forecast as he opened the 54th annual
conference of the Pacific Asia Travel Association Monday,
predicting the global airline slump would continue -- costing
operators approximately $5.5 billion in 2005 alone.
"High oil price is challenging all carriers. In 2005, if average
oil price is $43 per barrel, the fuel bill of the aviation industry
will reach 76 billion dollars," said Bisignani.
That, he said, makes this the most difficult time the industry
has ever faced.
On top of the rising fuel prices,
Bisignani said, passengers have come to expect travel to be far
less expensive than it's been in the past. While more people are
traveling more often -- 1.8 billion trips worldwide last year --
airline profits have dropped ten percent in the last five
And Bisignani was speaking to some of the world's strongest
airlines. The cost of the post-9/11 slump, he said, has risen to
The IATA chief seemed to suggest circling the wagons at this
point. He told the PATA conference in Macao that airlines, together
with partners like travel agencies, airports and hotels, have to
stick together. If one aspect of the chain suffers, he said, the
entire chain can be broken.
Bisignani also warned governments to reconsider the taxes
imposed on air travel and do what they can to preserve
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