Global airlines' industry net to hit $38.4 bn in 2018: IATA

07 December, 2017, 02:03 | Author: Lester Mason
  • Global passenger traffic up 7.2pc in Oct: IATA

In line with stronger GDP, the world's airlines are expected to carry 4.3 billion passengers next year, up from a projected 4.1 billion this year.

Total passenger revenue is forecast to grow to $581 billion, from $532 billion this year as passenger numbers rise to 4.3 billion, from 4.1 billion. More people than ever are travelling. "And the industry is ready to partner with governments to reinforce the foundations for global connectivity that are vital to modern life". A strong upcycle in the cargo markets will also support the expected profit improvement next year, it added.

And the IATA said growth is expected to continue in 2018 by almost $1 billion to $16.4 billion.

Labour costs, which have now leapt ahead to become the biggest expense for airlines, will comprise some 31 per cent of total costs in 2018.

"Demand for air freight grew by 5.9% in October".

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"Broadly speaking, South-east Asian airlines' operating profits and profit margins are expected to be lower year on year in 2018, if fuel prices remain at current levels or rise further", said Corrine Png, chief executive of transport research firm Crucial Perspective. "More routes are being opened", he told the IATA global media conference in Geneva, Switzerland.

IATA has estimated 2018 airline capacity growth to be 3.4 percent for North America, just shy of the region's forecast traffic growth of 3.5 percent.

However, IATA said it was not concerned there was a pilot shortage after high-profile cancellations at Ryanair and American Airlines due to rostering issues and after some US airlines awarded high pay increases to pilots this year. To continue to deliver on our full potential, governments need to raise their game-implementing global standards on security, finding a reasonable level of taxation, delivering smarter regulation and building the cost-efficient infrastructure to accommodate growing demand.

He said the benefits of aviation are compelling, with the industry supporting 2.7 million direct jobs and providing support for 3.5 percent of global economic activity. It is also an announcement of global passenger traffic results for October showing that demand (measured in revenue passenger kilometres or RPKs) rose 7.2 per cent, compared to the same month previous year.

"By bringing together people of different backgrounds and cultures to do business, to learn from one another and to solve problems, aviation provides huge value beyond what can be calculated".

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