Global airlines slash profit forecast 21% on expanding trade wars, higher oil prices
Updated : June 03, 2019 07:05 AM IST
The International Air Transport Association said the industry is expected to post a $28 billion profit in 2019, down from a December forecast of $35.5 billion.
'Airlines will still turn a profit this year, but there is no easy money to be made,' says IATA director general Alexandre de Juniac.
Airlines had reported $30 billion in annual profits in 2018, but conditions in the air cargo market — an extra source of revenue for carriers — have weakened substantially.