Hard brexit would be a 'disaster' for UK-based airlines - IATA chief

Hard brexit would be a 'disaster' for UK-based airlines - IATA chief

Despite burgeoning costs, the International Air Transport Association (Iata) projects that the world's airlines will clock a record profit of US$38.4 billion in 2018, thanks to healthy demand, greater efficiency and reduced interest payments on debt.

Moneycontrol News India's domestic air traffic beat China's growth by double, according to data from the International Air Transport Association (IATA) on Monday.

"To be blunt, we have not seen an airport privatisation that has fully lived up to expectations", said Alexandre de Juniac, director general & CEO at IATA. "It's still, however, a tough business and we are being challenged on the cost front by rising fuel, labour and infrastructure expenses", he told a media briefing here today.

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.

Passenger demand growth will likely continue in 2018, based on the global economic upturn of recent months, Oxley said.

A rise in cargo carried to 62.5 million tonnes, up 4.5% on the 59.9 million tonnes in 2017. De Juniac has said insolvency filings at carriers including Air Berlin Plc and Alitalia SpA reflect over-capacity rather than market weakness.

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Global tourists travelling by air are expected to spend more than $750 billion in 2018, a rise of 15% in just over 2 years.

In terms of average net profit per departing passenger, global airlines are expecting to see a higher US$8.90 compared with US$8.45 in 2017.

Europe's airlines are in second place with an anticipated US$11.5 billion in profit, boosted by economic recovery in their home markets as well as some consolidation in that region. Passenger traffic (revenue passenger kilometers or RPKs) is expected to rise 6.0 per cent (slightly down on the 7.5 per cent growth of 2017 but still ahead of the average of the past 10-20 years of 5.5 per cent), which will exceed a capacity expansion (available seat kilometers or ASKs) of 5.7 per cent. Chief marketing officer Kenny Jacobs said the increase in passenger numbers in November was due to lower fares.

This is especially impressive considering that October was the 38th consecutive month of double-digit passenger percentage growth for India.

"Overall unit costs are expected to grow by 4.3 per cent in 2018 [a significant acceleration on the 1.7 per cent increase in 2017]".

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