Pakistan Tehreek-e-Insaf (PTI) announced a series of protests from Friday
Data released by the IATA showed that since the near crash of major banking institutions last September and a more severe recession, airline stocks have dropped 35 per cent. Industry losses on the other hand, rose to $4 billion in the first three quarters of 2008, reversing year-ago profits of $16.8 billion.
IATA said that investors have been selling across the board with declines in the airline sector ranging from 30 per cent in Asia to 38 per cent for European airlines.
“With airlines stocks now down 60 per cent from end 2007-peaks, compared with a 40 per cent decline in overall market, investors clearly expect airline financial performance to deteriorate more than the average.”
IATA said US airlines suffered the biggest losses, followed by those in Europe and the Asia-Pacific. It did not however, specify which airline shares posted declines.
IATA said airlines have been unable to enjoy the benefits of lower fuel costs even as spot prices have fallen back to 2005-2006 levels due to hedges taken out earlier in the year, with some airlines even reporting hedging losses for the third and fourth quarter.
“Recession is now the greatest threat facing the airline industry. Since the middle of the year, traffic has fallen precipitously, with first air freight and then passenger markets declining.”
Pakistan Tehreek-e-Insaf (PTI) announced a series of protests from Friday
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