News Summary: Europe airlines could lose $1.1B

AP News
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Posted: Jun 11, 2012 11:42 AM
News Summary: Europe airlines could lose $1.1B

ROUGH RIDE: A global aviation trade group nearly doubled its forecast of European airlines' losses this year to $1.1 billion and said the worldwide industry will scrape by with wafer-thin profit margins due to high fuel prices.

STORM CLOUDS AHEAD: The International Air Transport Association said that U.S. and Asian carriers should be profitable, but more airlines in Europe might follow Hungary's Malev into bankruptcy if the European financial crisis worsens.

BOTTOM LINE: Global aviation should make a total profit this year of $3 billion on revenue of $631 billion, IATA said. The group represents 240 airlines worldwide.