aviation industry – आवारा मुसाफिर

Airline profitability outlook improves for 2024

June 3, 2024268 Views

The International Air Transport Association (IATA) has announced strengthened profitability projections for airlines in 2024 compared with its June and December 2023 forecasts. An aggregate return above the cost of capital, however, continues to elude the global airline industry. Outlook highlights include: Net profits are expected to reach $30.5 billion in 2024 (3.1% net profit margin). That will be an improvement on 2023 net profits which are estimated to be $27.4 billion (3.0% net profit margin). It is also an improvement on the $25.7 billion (2.7% net profit margin) forecast for 2024 profits that IATA released in December 2023. Return on invested capital in 2024 is expected to be 5.7%, which is about 3.4 percentage points (ppt) below the average cost of capital. Operating...

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Cathay Pacific posts best H1 profit since 2010

AWARA MUSAFIR BUREAU

August 9, 2023602 Views

Cathay Pacific Airways reported on Wednesday its best first-half profit in more than a decade and announced plans to order more planes and repay a Hong Kong government rescue package after a major turnaround in travel demand. The interim net profit of HK$4.3 billion, in line with its guidance for earnings of up to HK$4.5 billion, compared with a HK$5 billion loss a year earlier, when Hong Kong's strict COVID-19 quarantine rules were in place. "While we are still only part way along our rebuilding journey, our results for the first six months of 2023 demonstrate that we are on the right track," Cathay Chairman Patrick Healy said in a statement. FILE PHOTO: Cathay Pacific employees work at Hong Kong International Airport, in Hong Kong, China March 8, 2023. REUTERS/Lam Yik Cathay...

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Airline profitability outlook for the year strengthens

AWARA MUSAFIR BUREAU

June 5, 2023618 Views

The International Air Transport Association (IATA) has announced an expected strengthening of airline industry profitability in an upgrade of its outlook for 2023. Highlights include: Airline industry net profits are expected to reach $9.8 billion in 2023 (1.2% net profit margin) which is more than double the previous forecast of $4.7 billion (December 2022). Airline industry operating profits are expected to reach $22.4 billion in 2023, much improved over the December forecast of a $3.2 billion operating profit. It is also more than double the $10.1 billion operating profit estimated for 2022. Some 4.35 billion people are expected to travel in 2023, which is closing in on the 4.54 billion who flew in 2019. Cargo volumes are expected to be 57.8 million tonnes, which has slipp...

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International travel drives May air traffic recovery

AWARA MUSAFIR BUREAU

July 8, 2022666 Views

The International Air Transport Association (IATA) announced passenger data for May 2022 showing that the recovery in air travel accelerated heading into the busy Northern Hemisphere summer travel season. Total traffic in May 2022 (measured in revenue passenger kilometers or RPKs) was up 83.1% compared to May 2021, largely driven by the strong recovery in international traffic. Global traffic is now at 68.7% of pre-crisis levels.Domestic traffic for May 2022 was up 0.2% compared to the year-ago period. Significant improvements in many markets were masked by a 73.2% year-on-year decline in the Chinese domestic market due to COVID-19 related restrictions. May 2022 domestic traffic was 76.7% of May 2019.International traffic rose 325.8% versus May 2021. The easing of travel restrictions i...

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Airlines pledge to stabilise rocky recovery

AWARA MUSAFIR BUREAU

June 21, 2022528 Views

Global airlines wrapped up an annual summit on Tuesday by pledging to overcome operational problems that have marred the industry's recovery from the COVID-19 pandemic. The International Air Transport Association (IATA) comprising almost 300 airlines sought to put into perspective the furore recent airport and holiday chaos and also tempered plans to boost capacity as the battered sector tries to solve staff shortages since air travel collapsed during the pandemic. "Let's relax a little; yes, we have challenges, but it is not everywhere," IATA Director General Willie Walsh said, adding that the industry would be able to see its way through recent problems. FILE PHOTO: A passenger plane passes the moon as it comes into land at the international airport in Chennai, India. REUTERS/P...

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Travel recovery rebuilding airline profitability

AWARA MUSAFIR BUREAU

June 20, 2022741 Views

Resilient industry cuts losses to $9.7 billion The International Air Transport Association (IATA) has announced an upgrade to its outlook for the airline industry’s 2022 financial performance as the pace of recovery from the COVID-19 crisis quickens. It was presented at the three day 78th IATA Annual General Meeting & World Air Transport Summit taking place in Doha, Qatar, 19-21 June 2022, hosted by Qatar Airways. Some 1,000 aviation leaders from IATA member airlines, governments, industry stakeholders, strategic partners and members of the media are attending the event. Forecast highlights include: Industry losses are expected to reduce to -$9.7 billion (improved from the October 2021 forecast for an $11.6 billion loss) for a net loss margin of -1.2%. That is a huge impr...

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Aviation Leaders Assemble in Doha for IATA’s 78th AGM

AWARA MUSAFIR BUREAU

June 17, 2022610 Views

The International Air Transport Association (IATA), announced that leaders of the global aviation industry are gathering in Doha, Qatar, for the 78th IATA Annual General Meeting (AGM) and World Air Transport Summit (WATS), with Qatar Airways as the host airline. The event (19-21 June) attracts the industry’s most senior leaders from among IATA’s 290 member airlines, as well as leading government officials, strategic partners, equipment suppliers, and media. “In a few days, Doha will become the aviation capital of the world. The last time we met in Doha, in 2014, we were celebrating the 100th anniversary of the first airline flight. This year’s AGM is another momentous occasion: Airlines are simultaneously recovering from the COVID-19 crisis, setting the path to achieving net zer...

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Accelerate Asia-Pacific aviation recovery, urges IATA

AWARA MUSAFIR BUREAU

May 17, 2022495 Views

The International Air Transport Association (IATA) has urged Asia-Pacific states to further ease border measures to accelerate the region’s recovery from COVID-19. “Asia-Pacific is playing catch-up on restarting travel after COVID-19, but there is growing momentum with governments lifting many travel restrictions. The demand for people to travel is clear. As soon as measures are relaxed there is an immediate positive reaction from travelers. So it is critical that all stakeholders, including governments are well-prepared for the restart. We cannot delay. Jobs are at stake and people want to travel,” said Willie Walsh, IATA’s Director General, in his keynote address at the Changi Aviation Summit. The Asia-Pacific region’s international passenger demand for March reached 17% of pr...

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Singapore Airshow returns under shadow of slow aviation recovery

AWARA MUSAFIR BUREAU

February 11, 20221151 Views

The Asia-Pacific aviation industry's slow recovery from the pandemic amid government restrictions will cast a shadow over the Singapore Airshow next week, despite signs of improvement as concerns over the Omicron variant recede. The biennial event has bookended the pandemic, with the 2020 edition disrupted by the virus emerging from China and the latest show coming as the industry attempts to plot a way out of what became its biggest and most costly crisis. FILE PHOTO: A general view of the static display of aircrafts during a media preview of the Singapore Airshow in Singapore February 9, 2020. REUTERS/Edgar Su International passenger travel in the region was down 93% from pre-pandemic levels last year, leaving airlines heavily reliant on freight for revenue, and the Chinese out...

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SITA launches revitalized portfolio to meet the changing demands

AWARA MUSAFIR BUREAU

July 2, 2021285 Views

Your Runway to Success, published by SITA, sets out five critical areas for the air transport industry’s rebuild in the next 18 months and highlights SITA’s remodeled solutions to tackle the major challenges facing air travel in the wake of the COVID-19 pandemic. Over the past 12 months, COVID-19 has dramatically impacted the aviation industry financially and operationally. IATA estimates a net loss for the airline industry of $47.7 billion in 2021. IATA research also reveals that average passenger processing and waiting times have doubled from what they were pre-crisis during peak time – reaching three hours despite travel volumes hovering at around 30% of pre-COVID-19 levels. With revenues dropping, growing passenger volumes, and new health requirements impacting operati...