The global airline industry is set to post losses of $5.2 billion this year and $4.1 billion in 2009 as a result of oil prices, the International Air Transport Association (IATA) said today.
"The difficult business environment is expected to continue," IATA Director-General Giovanni Bisignani told a conference call.
"We expect losses of $5.2 billion this year," he said. "With an expected oil price of $110 per barrel - $136 for jet fuel - and continued weak growth, industry losses are expected to continue at $4.1 billion (in 2009)."
Geneva-based IATA, which represents 230 airlines worldwide, had estimated in June that losses could be as much as $6.1 billion in 2008, but oil prices have eased somewhat since.
"The situation remains bleak," Mr isignani said. Last year the industry posted profits of $5.6 billion.
