International Air Transport Association Says 2006 Loss Forecast Drops to $1.7 Billion
U.S. Newswire, August, 2006
TOKYO, Aug. 31 /U.S. Newswire/ -- The International Air Transport Association (IATA) announced a revised forecast for 2006 industry losses. It is estimated that airlines will lose $1.7 billion, with a fuel bill of $115 billion calculated for an average oil price of $68 per barrel (Brent).
This is a significant improvement on the previous loss forecast of $3 billion made in June that was based on an oil price of $66 per barrel for a total fuel bill of $112 billion. However, stronger than anticipated economic growth has boosted airline revenues, and restructuring efforts have elevated load factors to record levels.
Airlines ended 2005 with a $3.2 billion loss including a fuel bill of $91 billion. "We are still in the red, but what other industry could add $24 billion to...
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