Asia Pacific to account for one-third of global airline loss
Asia-Pacific region will account for more than one-third of global airline losses this year, which is likely to touch a whopping $ nine billion, due to recession impacting industry's bottom line.
By PTI |
KUALA LUMPUR: The Asia-Pacific region will account for more than one-third of the global airline losses this year, which is likely to touch a whopping $ nine billion, due to recession impacting industry's bottom line.
According to the International Air Transport Association (IATA), Asia-Pacific carriers will post the largest losses at $ 3.3 billion as the region's largest market Japan is in deep recession, while the global airlines will lose $ nine billion this year.
"The growth markets of China and India are delivering major losses as export-driven demand slows. This is a slightly better performance than the $ 3.9 billion that the region's carriers lost in 2008," IATA said in a statement.
Explaining the reason behind the massive fall, IATA Director General and CEO Giovanni Bisignani said: "There is no modern precedent for today's economic meltdown. The ground has shifted. Our industry has been shaken. This is the most difficult situation that the industry has faced."
The worldwide financial crunches and the ongoing recession has impacted the industry, which last year registered a loss of $ 10.4 billion, revised downwards from a earlier loss projection of $ 8.5 billion.
According to the International Air Transport Association (IATA), Asia-Pacific carriers will post the largest losses at $ 3.3 billion as the region's largest market Japan is in deep recession, while the global airlines will lose $ nine billion this year.
"The growth markets of China and India are delivering major losses as export-driven demand slows. This is a slightly better performance than the $ 3.9 billion that the region's carriers lost in 2008," IATA said in a statement.
Explaining the reason behind the massive fall, IATA Director General and CEO Giovanni Bisignani said: "There is no modern precedent for today's economic meltdown. The ground has shifted. Our industry has been shaken. This is the most difficult situation that the industry has faced."
The worldwide financial crunches and the ongoing recession has impacted the industry, which last year registered a loss of $ 10.4 billion, revised downwards from a earlier loss projection of $ 8.5 billion.
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