Business Services Industry
Airline Fares Down 9.5 Percent; U.S. Carriers Could Lose $5 Billion This Year.
Knight Ridder/Tribune Business News, June, 2002
By Terry Maxon, The Dallas Morning News Knight Ridder/Tribune Business News
Jun. 21--With average airline fares down again in May, one industry analyst predicted Thursday that U.S. carriers will lose $5 billion this year and won't make a profit as a group until 2004.
The Air Transport Association reported that domestic air fares averaged $122.05 in May, down 9.5 percent from May 2001 when a slowing economy had already reduced prices.
The May 2002 average fares trailed May 2000's fares by nearly 16 percent. It marked the lowest May fares in 15 years.
Analyst Sam Buttrick of UBS Warburg LLC increased his estimate of 2002 net losses to $5 billion, $500 million more than he had previously estimated, and upped the predicted losses...
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