LOSSES HAVE EXCEEDED EXPECTATIONS: EIGHT BILLION INSTEAD OF FIVE

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International Air Transporters Association presented last month shocking figures about the evolution of this sector - the losses of 2008 have amounted to 8 billion Dollars, more than the 5 billion anticipated, while for this year a negative result of 4,7 billion Dollars is foreseen, almost double compared with the 2,5 billion estimated in December 2008.

Some of these losses are caused, paradoxically, by the measures adopted to protect the airlines against oil price increases. However, only the additional costs associated with fuel transactions don’t justify the disaster: the biggest problem is with the balance between demand and transport capacity provided by the airlines. The fact that occupancy rate decreased by three percent during the first months of the year illustrates that airlines have failed to adjust capacity. ”The fuel’s deduction in price is overshadowed by the collapse of demand for transport and a drastic decrease in revenue. As a result of the slowing global economy, demand has fallen more than we could anticipate a few months ago. The industry is on intensive care,“ said Giovanni Bisignani, director general and CEO of IATA. IATA, which represents about 230 airlines concentrating 93% of the global air traffic, warned that first quarter of 2009 has not marked the cessation of transport demand decline. Thus, passenger traffic decreased by 5,6% in January 2009 compared to the first month of 2008. Moreover, the downward trend was accelerated, given that in December passenger traffic contracted only with 4,6%.