- Title: Global airlines group expects industry profits to top $30 billion
- Date: 5th June 2017
- Summary: ATTENDEES USING FLIGHT SIMULATOR DISPLAY SCREEN OF FLIGHT MONITOR SIGN AND LOGO FOR THE 73RD IATA ANNUAL GENERAL MEETING PANEL AT MEETING IATA GENERAL DIRECTOR, ALEXANDER DE JUNIAC, AT MEETING AUDIENCE APPLAUDING GENERAL VIEW OF OFFICIALS ON STAGE AT EVENT SIDE VIEW OF PANEL ADDRESSING AUDIENCE CANCUN, QUINTANA ROO, MEXICO (JUNE 4, 2017) (REUTERS) IATA GENERAL DIRECTOR AND OFFICIAL DURING INTERVIEW (SOUNDBITE) (English) IATA GENERAL DIRECTOR, ALEXANDER DE JUNIAC, SAYING: "The situation is more positive; the tail winds are blowing at a higher speed. So, the forecast in terms of profitability are higher. We forecast $31.4 billion dollars of profit, 743 billion revenues and a growth in traffic and in cargo." CANCUN, QUINTANA ROO, MEXICO (JUNE 5, 2017) (REUTERS) DEPARTURES MONITOR AT AIRPORT TRAVELLERS AT AIRPORT CLOSE-UP OF PERSON HOLDING PASSPORT TRAVELLERS AT CHECK-IN MACHINE TRAVELLERS AT UNITED AIRLINES CHECK IN AREA (SOUNDBITE) (Spanish) INTERNATIONAL CONSOLIDATED AIRLINES GROUP SA CHIEF EXECUTIVE OFFICER, WILLIE WALSH, SAYING: "It is an extremely rare event. We are investigating it; we have commissioned an independent company to conduct a full investigation. Their investigation and report will be peer reviewed and we will be happy to disclose the details of that. But this was an event that should not have taken place but it was not a failure of IT, it was a failure of the power supply to one of the data centres." GENERAL VIEW OF NEWS CONFERENCE MAN CHECKING PHONE AT NEWS CONFERENCE (SOUNDBITE) (English) IATA GENERAL DIRECTOR, ALEXANDER DE JUNIAC, SAYING: "Having one single system for the world is much more efficient than having a patchwork of different regulations, which is costly, complex and difficult to manage for the industry. So, we see our American colleagues as supportive of CORSIA (Carbon Offsetting Scheme for International Aviation) because it is in their interest to have a single system for international flights." GENERAL VIEW OF BEACH BEACHGOERS SWIMMERS CATCHING WAVES PEOPLE WALKING ON BEACH
- Embargoed: 19th June 2017 22:26
- Keywords: Mexico Cancun system flights shutdown study British Airways
- Location: CANCUN, QUINTANA ROO, MEXICO
- City: CANCUN, QUINTANA ROO, MEXICO
- Country: Mexico
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA0036K05VT3
- Aspect Ratio: 16:9
- Story Text: The heads of global airlines are meeting in Cancun, Mexico for the general meeting of the International Air Transport Association (IATA), with the aviation body predicting robust earnings for the sector.
Forecasting a third straight year of robust earnings, IATA raised its 2017 industry profit outlook on Monday (June 5) to $31.4 billion dollars, up from a previous forecast of $29.8 billion dollars.
The IATA also raised its outlook for 2017 industry revenue to $743 billion from $736 billion dollars on expectations that the global economy will post its strongest growth in six years.
The forecast underscored a new golden age for airlines' profitability even as carriers scramble to meet fast-changing electronics restrictions, pressure to limit emissions and unprecedented scrutiny on social media over their every mistake.
Another hot topic at the meeting was British Airways' recent shutdown of its data centre. The incident knocked out its systems and left 75,000 people stranded over a bank holiday. Its parent company's CEO, Willie Walsh, told journalists an investigation has been launched.
According to reports, the shutdown occurred when an electrical engineer disconnected the uninterruptible power supply, therefore shutting down the data centre.
High on the agenda was climate change. Days after the United States withdrew from the Paris Accord, global airlines have made a full-throated defence of globalisation. IATA General Director Alexander de Juniac told Reuters it was in the U.S.'s interest to back the CORSIA industry emissions accord.
The 73rd IATA general meeting will wrap up on Wednesday (June 6).
- Copyright Holder: REUTERS
- Copyright Notice: (c) Copyright Thomson Reuters 2017. Open For Restrictions - http://about.reuters.com/fulllegal.asp
- Usage Terms/Restrictions: None