ATA forecasts $600-B airline revenues in 2011
MANILA, Philippines – The airline industry expects to haul in almost $600 billion in revenues this year, with the burden of $205 billion in debt, the International Air Transport Association (IATA) projected over the week-end’s Vision 2050 meeting in Singapore.
Aviation supports 32 million jobs and facilitates the global village by supporting $3.5 trillion in economic activity. “Our commitments to tackle climate change are the most ambitious of any global industry and we are the safest mode of transport,” noted Giovanni Bisignani, IATA’s Director General and CEO.
However, “Our margins are pathetic just 0.1% over the last 40 years This is not sustainable. We need to look ahead to anticipate change as we prepare to handle the 16 billion passengers and 400 million tonnes of freight that we will handle in 2050,” he stressed.
The Vision 2050 meeting included 35 strategic thinkers, delegates representing governments, airlines, airports, air navigation service providers, manufacturers, leasing companies, general business and academia.
They debated four areas that will play key contributing roles in the industry’s sustainable development into an industry that will serve 16 billion passengers and carry 400 million tonnes of cargo in 2050. The four areas covered: (1) an industry structure for financial sustainability, (2) understanding the passenger of the future, (3) aircraft and technology for the future and (4) infrastructure for the future.
“Over the last decade of crises, the industry lost $50 billion. It also changed completely improving productivity by 63%, cutting sales and distribution costs by 19% and improving fuel efficiency by 20%,” according to the IATA CEO. “The association contributed with $55 billion in savings since 2004 through campaigns to simplify the business, improve the cost-efficiency of infrastructure providers and reduce fuel burn with shorter routes and shared industry best practices in fuel management.”
Yet, “We only earned a 2.7% margin in 2010 which we expect to shrink to 1.5% this year.
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