01 September, 2009

Airlines across the world lost $2 billion in Q2: IATA

International Air Transport Association (IATA) says that more than 50 global airlines lost USD 2.021 billion during the second quarter, bringing industry losses for the first half to over USD 6.0 billion,

It had earlier forecast that losses for the full year would reach about USD 9.0 billion dollars. Sixteen Asian-Pacific carriers posted losses of USD 1.29 billion during the second quarter, compared to losses of USD 958 million a year ago.

Twelve European airlines recorded USD 1.101 billion of losses during the period, slipping into the red from a profit of USD 439 million a year ago. Twenty North American airlines however trimmed their losses from 419 million a year ago to 134 million for the second quarter this year.

Latin American carriers also improved profits from USD 5 million in the second quarter last year to 485 million this year, while Middle Eastern carriers saw profits rise from USD 7 million to USD 20 million