Airlines forecast to lose $9.3b in two years

9/8/2008 10:15:56 AM

The International Air Transport Association (IATA) has warned airlines would lose US$9.3 billion in the next two years as a "toxic combination" of high fuel costs and dwindling demand hits carriers' finances, The Guardian reported.   The gloomy IATA forecast comes as more airlines are expected to join UK-based Zoom and Silverjet in the bankruptcy courts over the next 18 months.   Record fuel costs have forced 25 airlines out of business since January. The rise in global passenger numbers for July was the lowest for five years, indicating that the oil price-led pressure on profits could be exacerbated by a decline in customers and fare revenue.   CargonewsAsia

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