The international airline industry
is expected to turn a profit this year, according to a leader in the field.
“After a decade of crisis in which airlines
lost $47 billion, the outlook is finally more positive. We expect airlines to
deliver a profit of $2.5 billion,” said Giovanni Bisignani of the International
Air Transport Association.
“That’s only a 0.5 per cent margin
on revenues of $545 billion. But at least it’s a black number.”
Should this be the case it would be
the first time a profit was achieved globally since 2007.
Mr. Bisignani was speaking at the
Australian National Aviation Press Club where he noted that the airline
association was intending to build a future that would be insulated against the
kind of economic crises that have had a hefty impact.
“We must build a future for
aviation that is buffered against these shocks with environmental and financial
sustainability. Why? So that we can provide our customers with the service that
is critical to modern life. And we must be prepared to serve customers who will
grow from 2.4 billion passengers and 40 million tonnes of cargo to 16 billion
passengers and 400 million tonnes of cargo,” he said.
Planning the future
The association recently announced
Vision 2050 at its annual general meeting in Berlin. It is a policy document
that deals with elements that the association feels need to be addressed in
order to make the industry successful and sustainable.
“A group of global strategic
thinkers from across the industry value chain will meet in Singapore early next
year to challenge, validate and further develop our vision,” revealed the
director general and chief executive officer.
The International Air Transport
Association represents 230 airlines worldwide which carry 93 per cent of