Global airlines slash profit forecast on fear of protectionism


Taking a hit: People walk past IATA banners during the IATA annual general meeting in Seoul. IATA says the industry is expected to post a US$28bil profit in 2019, down from a December forecast of US$35.5bil. — AFP

SEOUL: Global airlines slashed a widely watched industry profit forecast by 21% as an expanding trade war and higher oil prices compound worries about an overdue industry slowdown.

The International Air Transport Association (IATA), which represents about 290 carriers or more than 80% of global air traffic, said the industry is expected to post a US$28bil profit in 2019, down from a December forecast of US$35.5bil.

Limited time offer:
Just RM5 per month.

Monthly Plan

RM13.90/month
RM5/month

Billed as RM5/month for the 1st 6 months then RM13.90 thereafters.

Annual Plan

RM12.33/month

Billed as RM148.00/year

1 month

Free Trial

For new subscribers only


Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
   

Next In Business News

Wall St set to open lower as Meta Platforms, economic data weigh
Al-’Aqar REIT aims to acquire yield-accretive properties from KPJ Healthcare
Samenta wants micro enterprises to be exempted from e-invoicing
Pantech seeks Main Market listing for subsidiaries via SPV
Inta Bina secures RM224.80mil contract for serviced apartment project
UMediC transfers to Main Market
Ringgit closes marginally higher against US dollar
AirAsia X mulls flying to Eastern Europe, London and Orlando
MKHOP posts RM16mil net profit in 2Q24
Gobind: Appointment of new DNB board members marks major milestone in 5G network restructuring

Others Also Read