The crisis reaches up to heaven. For the airline sector “in 2011 profitability will remain weak but unchanged, at 6,9 billion dollars, with a net margin of 1,2%. For 2012, on the other hand, we have revised the estimates downwards, forecasting a drop in profit from 4,9 to 3,5 billion, with a net margin of 0,6 per cent”. This is the alarm raised by Tony Tyler, general manager and CEO of Iata (International Air Transport Association), speaking during the Global Media Day 2011 in Geneva.
“The greatest risk to the profitability of airlines in the coming year – he continued – is the economic storm that could arise if the governments of the Eurozone fail to resolve the debt crisis. This eventuality, with the ensuing banking sector crisis and economic downturn, could lead to an $8,3 billion loss, the largest since the 2008 financial crisis.
In this scenario, according to the IATA, all macro airlines would suffer heavy losses. The largest, equal to 4,4 billion, would be borne by Europe, followed by North America, 1,8 billion, Asia-Pacific with 1,1 billion, the Middle East and Latin America with 400 million each and Africa with 200 millions.
