Friday, July 25, 2014   

Airline industry slashes profit forecast by US$1b
(03-12 18:59)

The global airlines industry has lowered its profit forecast for 2014 due to rising jet fuel prices, but says Venezuela's financial policy, Ukraine's political upheaval and a vanished Malaysia Airlines plane add to the uncertainty in its outlook.
Tony Tyler, director-general and chief executive of the International Air Transport Association, says profit this year is expected to be US$18.7 billion, a downgrade from the US$19.7 billion it forecast in December, as fuel prices have been higher than expected since then. The profit figure is still above the US$17.3 billion record the industry earned in 2010.
Tyler said in Geneva other challenges to the industry include Venezuela blocking airlines from repatriating US$3.7 billion, Ukraine's instability pushing up oil prices and the disappearance of Malaysia Airlines Flight MH370.—AP

   
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