Airlines face an extra $100bn in jet fuel costs this year after the Iran war sent prices spiralling higher, a global industry group has warned.
As a result the industry’s combined net profits are expected to halve from $43bn in 2025 to $23bn this year, with the average margin dropping from 4.2 per cent to 2 per cent, according to the International Air Transport Association.
“There are clearly wafer-thin margins,” said Willie Walsh, the former British Airways boss who is now director-general of Iata, at its annual meeting in Rio de Janeiro.
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