Airline industry seen losing up to $US4b in 2004
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MONTREAL: The global airline industry stands to incur losses of between $US3 billion ($NZ4.6 billion) and $US4 billion this year as surging oil prices wipe out any hope of profit created by rising passenger traffic, the International Air Transport
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Soaring fuel prices and slowing economic growth are likely to wipe out much of the airline industryâs profits next year, despite steady increases in global demand for air travel.
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UAL (UALAQ.OB:OTC BB - news - research) and US Airways (UAIRQ.OB:OTC BB - news - research) weighed in with hefty third-quarter losses Thursday as industry overcapacity and stratospheric fuel prices continued to generate red ink while the carriers operated
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The bankrupt airline says it must slash costs by January, or else it may not survive. It is currently losing $1 million a day.
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Business & money: Airline says environmental campaigns against low-cost flying are affecting demand.
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The US airline industry, riddled with excess supply, will see a significant drop in capacity, or far fewer seats, as a result of at least one airline liquidating in the next year, according to AirTran Airways Chief Executive Joe Leonard.
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US airline Continental warns it could run out of money if it fails to save $500m in wage costs by the end of February.
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The Channel Tunnel operator finds itself hit by competition from no-frills airlines as sales slip 4% in 2004.
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United Airlines parent UAL Corp. suffered a loss of $274 million for the third quarter of this year, a smaller hit than it took in the same period of last year, when it lost $367 million.
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The low-cost airline reported a loss of $79 million, hurt by soaring fuel costs that have battered the industry.
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US Airways Group  posted a quarterly loss on Thursday, hurt by soaring fuel costs that have battered the airline industry.
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The 2004 hurricane season is expected to be costly for insurers, with early estimates of $8bn (Â£4.5bn) of losses from just one of the storms that have hit the United States this year.
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The global airline industry, battered by record fuel costs, could break even in 2005 if oil prices drop to an average of US$36 a barrel, the industry&#39;s trade group said Tuesday.
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Most of the largest U.S. airlines are likely to post fourth-quarter losses, possibly signaling the end of an industry recovery that began in 2006 and further building a case for mergers.
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Delta Air Lines Inc., which is transforming its business to reduce costs and attract more fliers, blamed high fuel prices, low fares and hefty charges as it reported a $2.2 billion fourth quarter loss that was much steeper than a year ago.
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The world&#39;s major airlines are expected to rack up about $US4.8 billion ($A6.33 billion) in losses this year and will climb back to profit next year only if oil prices fall, the top industry body warned today.
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Going into 2004, experts were pointing to this as a turnaround year for the airline industry after three years of misery. No more.