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Airline losses set to exceed $4 billion
WTM 2004 Special: Airline losses are set to exceed $4 billion in 2004 following the sharp increase in jet fuel, according to the International Air Transport Association.
IATA, which represents 267 airlines throughout the world, said the cost of aviation fuel, which rose to over $50 a barrel, will lead to members losing more than the $3-$4billion estimated earlier this year.
The forecast was revealed in World Travel Market’s Global Travel Report 2004-05.
According to IATA, every additional $0.01 (one cent) increase in the price of jet fuel adds over $500 million in industry costs. Airline industry costs are currently running at $10 billion over 2003 levels.
Meanwhile, trips involving no-frills carriers in Europe increased by 24 per cent from January to August 2004, compared with the same time last year, and now account for 25 per cent of all air trips abroad from Europe.
Report by Jeremy Skidmore
Ginny McGrath
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