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IATA upgrades net profit forecasts for 2023 to US$9.8 billion
June 6th 2023
The International Air Transport Association (IATA) expects the airline industry to collectively achieve net profit of US$9.8 billion in calendar 2023 on revenues of US$803 billion, representing a 1.2% profit margin. Read More » The forecast, presented at the airline lobby group's annual general meeting in Istanbul yesterday (Monday June 5), represented an improvement from its December forecast of US$4.7 billion net profit from US$779 billion of revenue for 2023. The net loss for calendar 2022 was estimated at US$3.6 billion, up from a previous estimate of US$6.9 billion. "Resilience is the story of the day and there are many good reasons for optimism," IATA director general, Willie Walsh, said. "Achieving profitability at an industry level after the depths of the COVID-19 crisis opens up much potential for airlines to reward investors, fund sustainability, and invest in efficiencies to connect the world even more effectively. That’s a big ‘to do’ list to achieve with just a 1.2% net profit margin."
Airlines in the Asia-Pacific region were forecast to post a net loss of US$6.9 billion in 2023, compared with a net loss of US$13.5 billion in 2022, IATA said.
