Estimated losses for the global air industry are expected to nearly double from December's forecast for 2009 as air carriers grapple with the worst crisis in over 60 years, with the International Air Transport Association (IATA) saying a significant recovery in 2010 would "require more optimism than realism". The IATA has announced a revised outlook for the global air transport industry with losses of US$4.7 billion in 2009, significantly worse than its December forecast of US$2.5 billion in … [Read more...] about IATA ups '09 forecast with $4.7B industry loss
loss
Thai Airways foresees tumbling revenue and profit
Thai Airways International foresees revenue falling 18 per cent this year, from Bt220 billion (US$6.2 billion) to Bt180 billion, due to the economic turmoil. Board chairman Surachai Tansitpong said the airline planned to reduce annual operating costs 5-10 per cent, with an immediate 3 per cent cut which will save about Bt6 billion alone. The company waived annual commission payments and froze salary adjustments in last year¡¯s budget. THAI is expected to post a net loss of more than Bt10 … [Read more...] about Thai Airways foresees tumbling revenue and profit
Air France-KLM plunges into red
Air France-KLM has plunged into a third-quarter operating loss of €194 million euros, reflecting what the airline described as a deepening economic crisis. The losses were expected after Europe's largest airline group warned of a quarterly loss of 200 million euros last month, as the global economic crisis pulls the airline sector deep into the red. Overcapacity and evaporating fuel surcharges put pressure on cargo pricing in the third quarter, driving down unit revenue as freight traffic fell … [Read more...] about Air France-KLM plunges into red
JAL posts US$428 million 3Q loss
Japan Airlines parent JAL Group reported a net loss of Â¥38.5 billion (US$428 million) for its fiscal third quarter ended 31 December, reversing a Â¥13.1 billion net profit in the same period a year earlier, citing declining demand, rising yen and volitile fuel prices. "The global economic slowdown and the accelerating appreciation of the yen led to a substantial year-on-year decrease in demand on Europe and US routes" in the first nine months of its fiscal year, JAL said in a statement. … [Read more...] about JAL posts US$428 million 3Q loss
Korean Air reports net loss
Korean Air reported a full-year 2008 net loss of KRW1.96 trillion (US$1.4 billion), reversed from a net profit of KRW11.1 billion in 2007, citing the weak won as the biggest contributor to the heavy decline. It also said yesterday that it is boosting its A380 order from eight aircraft to 10 and will initiate "more aggressive investment" this year with the aim of achieving a "black ink balance" in 2009 while building "a foundation for future growth." It said it will focus on "increasing overseas … [Read more...] about Korean Air reports net loss
Air China expects first loss in 8 years
Air China is expecting to post its first annual loss in eight years due to slumping demand and bad bets on fuel prices, state media reported. The company said in a statement filed with the Hong Kong stock exchange on Friday that it lost US$994.5 million on fuel hedging in 2008. Chinese carriers are banned from hedging purchases on fuel used for domestic flights, which in the past made Air China less vulnerable than its competitors to rising fuel prices. But jet-fuel prices have fallen more than … [Read more...] about Air China expects first loss in 8 years
