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Global airline profits drop from year ago Early results for the second quarter of 2011 see net profits fall to $1.04 billion, with airlines association blaming fuel prices and a drop in non-US passengers
The International Air Transport Association says world airlines are showing their first year-on-year fall in profits since mid-2009, despite improving profits in Europe. Geneva-based IATA said Wednesday that early results for the second quarter 2011 show global airlines posting US$1.04 billion in net profits, a big drop from last year's $2.88 billion. The airlines industry group blames a surge in jet fuel prices, stagnant air freight markets and fewer non-U.S. passengers than before the global recession. It said Asian airlines seem to be under the "most pressure" while European airlines improved operating profits — in part because they compare with last year, when volcanic ash from an Icelandic volcano brought much of Europe's air traffic to a standstill.
