Global airlines expected to cut profit outlook at Singapore summit
The global airline industry was expected to cut profit expectations at its annual general meeting next week in Singapore as it faced headwinds from rising fuel costs, political unrest and natural disasters, reported dpa.
In March, the International Air Transport Association (IATA), representing some 230 airlines and 93 per cent of global traffic, already downgraded its 2011 profit outlook to 8.6 billion dollars.
But after four months of shocks from political upheaval in the Middle East, the earthquake and tsunami in Japan and high oil prices the industry was now "less optimistic," IATA chief Giovanni Bisignani said last week.
Bisignani was set to give a state of the industry report at the start of IATA's Singapore summit on Monday.
Last year, global airlines posted a combined record profit of 16 billion dollars as the recovery of the world economy helped the industry to pull out of its recession.
The two-day IATA summit would bring together more than 700 industry leaders, according to the group.
Topics on the agenda include the search for sustainable profitability, security and the environment.