International Air Transport Association
BEIJING -- A global airline group says the industry will struggle to make a slim profit this year and could see that turn to a loss if Europe plunges into recession.
The International Air Transport Association said Monday in its latest industry outlook that airline profits worldwide should total $3 billion on sales of $631 billion. It said a 1 percent change would mean a $3 billion loss.
The group represents 240 airlines including the world's major carriers. It is holding its annual general meeting this week in Beijing.
It said Asian carriers should post total profits of $4 billion this year and U.S. airlines also should be profitable. But it said that would be offset by a projected $1.1 billion loss in Europe and other losses elsewhere.