Manufacturing Industry
US airlines lost more than USD2bn in Q4 - report
Airline Industry Information, Jan 17, 2005
AIRLINE INDUSTRY INFORMATION-(C)1997-2005 M2 COMMUNICATIONS LTD
Total losses of the USA's biggest airlines are expected to exceed USD2bn in the fourth quarter of 2004 due to the high price of jet fuel and the intense competition in the industry which keeps down fares.
Although improving economic conditions increased travel demand in the quarter, any benefit for large airlines was more than offset by the increase in jet fuel prices, reports The Associated Press.
US carriers spent an additional USD6bn on jet fuel in 2004, an increase of almost 40% compared to 2003, according to estimates from the Air Transport Association.
Competition from budget carriers and the growing number of seats available nationwide resulted in a decrease of ticket prices. According to an analysis by Harrell Associates of the 100 busiest domestic routes, in the final week of 2004 average leisure fares were 10% lower than the year before and business fares were down 8%.
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