Global airline industry expected to crash to largest losses yet
Iata forecasts in grim outlook that companies will lose $84.3bn for a net profit of -20.1%
The aviation industry is set to experience its worst year yet in 2020 as it continues to count its losses due to Covid-19 induced travel restrictions, Alexandre de Juniac, director-general and CEO of the International Air Transport Association (Iata) said on Tuesday.
Iata released a bleak financial outlook for the global air transport industry showing that airlines are expected to lose $84.3bn in 2020 for a net profit margin of -20.1%. Revenues will fall by half to $419bn from $838bn in 2019. In 2021, losses are expected to be cut to $15.8bn as revenues rise to $598bn...