1-Dec-2011 11:16 AM
Future looks considerably worse than 3Q2011: IATA
IATA released (30-Nov-2011) its Nov-2011 airlines financial health monitor, which updates the following airline financial highlights for three months ended 30-Sep-2011:
- Operating profit: USD11,930 million, -18.2% year-on-year;
- North America: USD3182 million, -19.9%;
- Asia Pacific: USD3487 million, -19.9%;
- Europe: USD4449 million, -5.4%;
- Latin America: USD518 million, +1.0%;
- Middle East: USD286 million, -72.0%;
- Africa: USD11 million, -63.3%;
- Net profit (loss): USD4977 million, -50.9%;
- North America: USD898 million, -62.7%;
- Asia pacific: USD1596 million, -54.3%;
- Europe: USD2744 million, -4.3%;
- Latin America: (USD553 million), compared to a profit of USD343 million in p-c-p;
- Middle East: USD271 million, -73.1%;
- Africa: USD21 million, +16.7%. [more - original PR]
IATA: "In fact during Q3 airlines did quite well, with a sample of 60 airlines reporting net profits of USD5 billion. Profits are down on last year, but only by 20% at the EBIT level. In Europe, where the economic outlook is dire, airlines limited the decline in Q3 profits to 5%. However, these are backward-looking indicators. Financial markets try to make forward-looking assessments. The future does look considerably worse than the situation that generated these third quarter profits." IATA statement. Source: IATA, 30-Nov-2011.