The world's aviation industry lost more money last year than it has made in its entire history, a top aviation official told an airline financial summit in New York.
"This is an industry that is now in a deep hole. We must start looking for footholds and ways to climb quickly out of the financial abyss," Iata director general Pierre Jeanniot said.
Jeanniot was referring to net losses of $12 billion on the international scheduled services of Iata members in 2001.
"We cannot blame all of our poor results on external factors," he said.
"Even before September 11 this industry was ill prepared to weather successfully even a fairly mild regular economic cycle.
"And so now is a good time to review the size and appropriateness of the corporate overhead and to discard the inefficiencies which have been masked by the recent growth."
Jeanniot identified three further priorities for service improvement and rationalisation to complement a recovery in profitability.
These included improved security and customer-friendly airport processes; adequate and cost-effective war risk insurance and regulation to permit restructuring.
TTN is the most established trade publication in the Middle East distributed on a controlled circulation basis to members of the travel and tourism industry.
Published monthly by Al Hilal Publishing and Marketing Group, the region’s foremost trade publisher, TTN is aimed at professionals in the industry, from travel agents to airline and hotel personnel.
TTN provides in-depth and extensive coverage of relevant issues in the Middle East and North Africa as well as in other parts of the world. Travel related news, analysis, and new appointments together with information on up-coming exhibitions, marketing and promotional campaigns are presented in an innovative and striking colour tabloid.
Every issue also contains a collation of international and regional news and topical features of interest to readers.
Bahrain: | +973 1729 3131 |
Dubai: | +971 4 3422 020 |
London: | +44 208 943 3630 |
Editorial: | [email protected] |
Advertising: | [email protected] |