European airlines face losses of €879m this year -- IATA
EUROPEAN airlines will post combined losses of $1.1bn (€879m) this year as the eurozone crisis rumbles on, according to the International Air Transport Association.
It said that while North American and Latin American carriers were likely to experience a better than anticipated performance in 2012, the outlook for European, Asian and Middle East carriers was now worse than had been expected.
The $1.1bn in losses that European airlines are forecast to post this year is twice the amount IATA had previously estimated.
IATA director general Tony Tyler, adding: "For European carriers, the business environment is deteriorating rapidly, resulting in sizeable losses."