Air transport body expects airlines to return to profitability in 2023
Bernama
December 7, 2022 17:06 MYT
December 7, 2022 17:06 MYT
The International Air Transport Association (IATA) on Tuesday said that the global airline industry would return to profit next year for the first time since 2019. - Twitter@bernamadotcom
ISTANBUL: The International Air Transport Association (IATA) on Tuesday said that the global airline industry would return to profit next year for the first time since 2019 reported Anadolu.
The association expects a small net profit of around US$4.7 billion in 2023, while in 2022, the sector is expected to post a net loss of US$6.9 billion, an IATA statement said.
The airline industry was one of the most-effected sectors by the pandemic measures, such as lockdowns and travel restrictions.
The IATA statement recalled the losses of US$42 billion in 2021 and US$137.7 billion in 2020.
"As we look to 2023, the financial recovery will take shape with a first industry profit since 2019," said Willie Walsh, IATA's director general.
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