Geneva, September 01: Over 50 global carriers lost $6 billion (Rs.30,000 crore) in January-June this year, according to the sector’s representative body International Air Transport Association.
In a statement Tuesday, IATA also said the losses stood at $2.02 billion (Rs.10,000 crore) in the second quarter this year (April-June) and forecast cumulative losses of $9 billion (Rs.45,000) for the year.
IATA said Asia-Pacific and European carriers reported more losses than last year. “While North American airlines managed to trim their losses, Latin American and Middle Eastern carriers reported a rise in profits.”
About 16 Asia-Pacific carriers posted losses of $1.29 billion (Rs.6,450 crore) during the second quarter, as against $958 million (Rs.4,790 crore) during the corresponding period last year.
On the other hand, 12 European airlines incurred losses of $1.1 billion (Rs.5,500 crore) during April-June while earning profits of $439 million (Rs.2,195 crore) in the year-ago period.
Also, at least 20 North Amercian airlines have been able to bring down their losses from $419 million (Rs.2,095 crore) during April-June 2008 to $134 million (Rs.679 crore) in the corresponding period this year.
Latin American carriers, IATA said, have substantially increased their profits — from $5 million (Rs.25 crore) in the second quarter last year to $485 million (Rs.2,425 crore) this year.
West Asian carriers have also raised their profits to $20 million (Rs.100 crore) during the second quarter this year from $7 million (Rs.35 crore) during the corresponding period last year, the IATA added.
–Agencies