Summary Box: Euro crisis could hammer airlines

AP News
Posted: Dec 07, 2011 12:27 PM
Summary Box: Euro crisis could hammer airlines

DANGER ZONE: Global aviation earnings will likely decline to $3.5 billion in 2012 but those could turn into steep losses exceeding $8.3 billion if the eurozone crisis veers toward catastrophe, the industry's trade group said Wednesday.

FALLING PROFITS: For 2011, the industry says it anticipates that surging oil and fuel prices will clip its profits at $6.9 billion _ less than half of its $15.8 billion in 2010 profits.

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PROBLEM CONTINENT: For European airlines "the only open question is how deep" the losses will be next year, the association's CEO Tony Tyler told reporters.