CAIRO - Recent results of airlines budgets announced at the ending of the last fiscal year revealed that last year was the worst period in the history of the air transportation industry. Civil aviation faced many challenges, including the global financial crisis, the H1N1 virus scare, and the eruption of the volcano in Iceland which resulted in million of dollars of losses. Although official international civil aviation organisations announced that the air transportation industry could manage these crises, the real truth is revealed in the airlines' budgets, which show the huge losses that currently threaten many airlines with bankruptcy. For example, British Airways reported its net loss to be £425 million in the 12 months to March from £358 million in the previous year. Revenues tumbled 11.1 per cent to £7.99 billion. Other airlines have also suffered badly, with Air France-KLM announcing record losses of 1.55 billion euros in its fiscal year. According to their estimates, the disruptions from the volcanic ash cloud resulted in 260 million euros in lost revenue, and a 160 million euros impact on its operating budget. Delta Airlines, the world's largest carrier, reported a loss of $256 million in the first quarter that forced the company to reduce its flights in a bid to lower operating costs. In the Arab region, state-owned Kuwait Airways incurred a 55 million dinar ($189 million) loss last year due to stiff competition and high fuel prices. These are just a few examples of the huge losses airlines have incurred worldwide. EgyptAir, on the other hand, has made tremendous achievements during the 2009/2010 fiscal year, such as expanding its fleet with new carriers, gaining new international certificates, and other successes.
