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;
- Net profit (loss): USD4977 million, -50.9%;
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.