APAC airlines may lose $31.7 bn this year
Airlines operating in the Asia-Pacific (Apac) region, including India, are expected to report combined losses of $31.7 billion in 2020 because of the adverse impact of the pandemic on travel demand, the International Air Transport Association (IATA) said on Wednesday. Losses are expected to narrow to $7.5 billion in 2021, the industry lobby group said.
IATA expects airlines to improve their performance in the second half of 2021, but passenger traffic may rebound to 2019-levels only by 2024.
Total capacity utilized by airlines in the Apac region is expected to fall 55.1%, with total passenger traffic plunging 62% this year, said IATA in a presentation at a media briefing following its 76th annual general meeting.
