NEW YORK - The global airline industry is still far from recovery, with profitable business travel still weak, the head of the International Air Transport Association said Tuesday.
Giovanni Bisignani, IATA's director general and chief executive, said he foresees "at least nine months before we see an improvement in business traffic," which delivers the bulk of profit to carriers.
"What is dramatic is the decrease in the business traffic," he told a group of journalists in New York in response to questions on the global economic crisis.
He said that business travel may return but with a lower profit than in the past.
"Planes are loaded but with low yield," he said.
IATA last month forecast overall airline losses for 2009 would be steeper than earlier expected at US$11 billion dollars, while a US$3.8 billion dollar deficit was predicted for 2010.
Airline industry revenues were expected to fall from the 2008 level of US$535 billion dollars to US$455 billion in 2009 before rebounding to US$476 billion next year, according to IATA forecasts.
IATA groups 230 airlines that cover 93 per cent of scheduled international air traffic, but it does not include many of the major budget airlines.
Iata head foresees "at least nine months" before an improvement in business traffic will be seen.
Keywords
NEW YORK - The global airline industry is still far from recovery, with profitable business travel still weak, the head of the International Air Transport Association said Tuesday.
Giovanni Bisignani, IATA's director general and chief executive, said he foresees "at least nine months before we see an improvement in business traffic," which delivers the bulk of profit to carriers.
"What is dramatic is the decrease in the business traffic," he told a group of journalists in New York in response to questions on the global economic crisis.
He said that business travel may return but with a lower profit than in the past.
"Planes are loaded but with low yield," he said.
IATA last month forecast overall airline losses for 2009 would be steeper than earlier expected at US$11 billion dollars, while a US$3.8 billion dollar deficit was predicted for 2010.
Airline industry revenues were expected to fall from the 2008 level of US$535 billion dollars to US$455 billion in 2009 before rebounding to US$476 billion next year, according to IATA forecasts.
IATA groups 230 airlines that cover 93 per cent of scheduled international air traffic, but it does not include many of the major budget airlines.
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