Airlines are expected to be back in the green this year, with net profits totalling $9.8 billion – Copyright AFP/File Emmanuel DUNAND
Airlines will return to profit and fly a near-record 4.35 billion passengers this year, but the sector’s post-pandemic recovery remains fragile, an industry group said on Monday.
The industry is forecast to post net profits totally $9.8 billion in 2023, or double previous estimates, boosted by the end of China’s Covid restrictions, according to the International Air Transport Association (IATA).
The association added that its 2022 losses were half as bad as previously estimated at $3.6 billion.
“Airline financial performance in 2023 is beating expectations,” IATA director general Willie Walsh said in a statement during the association’s annual general meeting in Istanbul.
“Stronger profitability is supported by severa