If one of the partners in a partnership is losing his shirt while the other is counting his money, it is no longer a partnership.
More Quotes from Giovanni Bisignani:
The industry is on track with 2006 growth expectations of 5-6 percent for both freight and passenger traffic.Giovanni Bisignani
The industry cannot afford the negative impact of overcapacity.
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
Oil remains the wild card for industry profitability. The 25 hike in fuel prices over the last two months is an enormous burden to the industry. However, the S 1.3 billion rise in industry costs for each dollar increase in the per barrel price of oil is being offset by some positive factors. Industry hedging levels are 50. Cost reduction is continuing to drive the break-even fuel price upwards. And the US domestic yield rose 12.4 in February.
Giovanni Bisignani
Oil is once again robbing the industry of a return to profitability. Cost reductions and efficiency gains have never been more critical.
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
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