Airlines will spend 34 billion more for fuel this year than last, and about 1.4 billion of that will make its way to the bottom line. That will drive losses to 7.4 billion for 2005.
More Quotes from Giovanni Bisignani:
Freight and passenger traffic are forecast to grow in the 5 to 6 per cent range during the year but the industry is projected to record another loss of over US4 billion for 2006.Giovanni Bisignani
Cost reduction remains critical. All industry partners and stakeholders will have to sustain their focus on fuel efficiency and attack costs. While we have made some good progress, the road ahead is long. Far too many airport monopolies do not understand the need for efficiency and too many governments are shirking their responsibility to regulate where commercial discipline is absent.
Giovanni Bisignani
The approach of the French Government to air transport is from another age. There was little or no financial transparency. And a result that ignores the recommendation of an independent commission makes a total mockery of the consultation process. The government should support greater efficiency rather than shirking its regulatory responsibilities.
Giovanni Bisignani
The industry is returning to a more normal growth pattern after the shocks that began in 2001.
Giovanni Bisignani
We will only see profitability in 2007 when we expect a return of US6.2 billion. This is a net profit margin of 1.5, not even enough to cover the cost of capital and nowhere near recovering the billions lost since 2001. A long and difficult agenda for change involving all partners is still ahead of us.
Giovanni Bisignani
The European discussion of airline blacklists to improve airline safety is a cause for concern, ... While blacklists may be an opportunistic political response to human tragedies, they are not the solution to further improving airline safety.
Giovanni Bisignani
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