PARIS, June 5 (Reuters) - Global airlines forecast bigger than expected 2006 losses on Monday as their industry leaders clashed with governments, airports and oil firms over the remedy needed for high oil prices.
Industry lobby group IATA said it was lifting its estimate for global losses to $3 billion in 2006 from a previous estimate of $2.2 billion as fuel woes outpace cost-cutting efforts.
The figure is still below the loss of $3.2 billion for 2005 but IATA Chief Executive Giovanni Bisignani told the group's annual meeting in Paris that risks remained and the industry had done everything it could to slash costs.
"Oil is the wild card. Prices are racing ahead of efficiency gains and robbing our profitability," he said in a speech on the state of the industry.
more
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore