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Iata halves 2011 industry profit forecast
06 June 2011
High oil prices, natural disasters and political unrest have caused the International Air Transport Association (Iata) to cuts this year’s industry profit forecast by 54% to $4 billion.
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Iata
Interntional Air Transport Association
American Airlines
Royal Jordanian
Giovanni Bisignani
Virasb Vahidi
Hussein Dabbas
The International Air Transport Association (Iata) cut its 2011 aviation industry forecast by more than 50%, as departing Director General, Giovanni Bisignani, gave his state of the industry address in Singapore today.
“2010 was the best year of the decade, with a profit of $18 billion, but a pathetic margin of 3.2%,” says Bisignani.
High oil prices spiking above $120 per barrel (Brent crude), natural disasters in Japan and New Zealand, and unrest in the Middle East contributed to the downgraded forecast. An expected 2011 profit margin of 0.7% leaves little buffer against further shocks, adds...
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