IATA: Asian airlines could lose $27.8 billion revenue from coronavirus
Airlines in the Asia-Pacific region stand to lose $27.8 billion of revenue this year as they slash flights due to declining demand as a result of the coronavirus, according to a preliminary estimate from an industry body, APA reports citing Reuters.
The bulk of the losses will be borne by Chinese carriers, including a $12.8 billion hit to the Chinese domestic market alone, the International Air Transport Association (IATA) said in a forecast released in New York on Thursday.
Chinese airlines have cut 80% of their planned capacity to, from and within China this week, according to flight data firm OAG, as they grapple with a sharp fall in demand due to the virus that has killed more than 2,100 people in China.
Asian hub carriers Cathay Pacific Airways Ltd (0293.HK) and Singapore Airlines Ltd (SIAL.SI) have cut capacity across their global networks as they look to manage the crisis.
Overall, IATA expects passenger traffic in the Asia-Pacific region to fall by 8.2% this year, compared to an earlier estimate of a 4.8% rise.
Carriers outside Asia are expected to lose $1.5 billion of revenue due to the virus, IATA said, adding it was too early to quantify the impact on earnings.
Air France KLM SA (AIRF.PA) warned on Thursday of a 150 million to 200 million euro ($162 million to $216 million) hit to earnings by April as it contends with the coronavirus epidemic’s “brutal” impact on the airline industry.
“Airlines are making difficult decisions to cut capacity and in some cases routes,” IATA Director General Alexandre de Juniac said in a statement. “Lower fuel costs will help offset some of the lost revenue. This will be a very tough year for airlines.”
President of Azerbaijan Ilham Aliyev visited the Alley of Martyrs
Azerbaijani citizens visit Alley of Martyrs, pay tribute to martyrs of Patriotic War - PHOTOSESSION
Biden to ask Americans to wear masks for 100 days
Italy bans Christmas travel between regions
President Ilham Aliyev: "Armenia-Azerbaijan Nagorno-Karabakh conflict was resolved by military-political means"
Daily coronavirus infection cases in Georgia surpass 5,000
Ambassador Zacharie Gross: "French government does not recognise the independence of Karabagh"
Number of coronavirus cases grows by 1,184 in a day in Armenia, 23 deaths recorded
Iran’s Minister of Petroleum: "OPEC+ decision was wise"
Azerbaijani President makes post on martyrs of Patriotic War
Azerbaijani oil prices exceed USD 49
Azerbaijani President: In the absence of compliance with international law it was inevitable to ensure implementation of UN SC resolutions by force
French ambassador to be summoned to Azerbaijani MFA
President Ilham Aliyev: "Azerbaijan has taken timely and necessary preventive measures to stop spread of coronavirus"
Azerbaijani MFA: Resolution, adopted by French National Assembly, has no legal force
Azerbaijani President: Since outbreak of pandemic, Azerbaijan is in close contact with WHO
Azerbaijani President: Today, there is a great need for joint efforts of international community to counter COVID-19 pandemic which is the biggest threat to the world
Two Azerbaijani citizens evacuate from Vietnam
President Ilham Aliyev: Global community has faced greatest health crisis in recent history
Azerbaijani Presiden addressed special Session of the UN GA
White House Communications Director Alyssa Farah resigns
Mass vaccination can start soon as Sputnik V production is growing to 2 mln doses
Japan allocates $4.5 billion in aid to developing countries over COVID-19 pandemic
Embassy: We commemorate our 2,783 brothers, sacrificed their lives for the sake of Azerbaijan's territorial integrity, with mercy
Price of Brent oil approaches USD 50
Moscow reports 77 coronavirus deaths in the past day
Germany's confirmed coronavirus cases rise by 23,449
Today a minute of silence will be observed in Azerbaijan to pay tribute to martyrs of the Patriotic War
Mevlut Cavusoglu: "There is real chance for peace now on Karabakh"
EU stands by Georgia, European Commissioner says
Man named after Adolf Hitler wins local election
Ivanka Trump questioned under oath in lawsuit over use of inauguration funds
Ryanair CEO says he wants another Boeing order within 18 months
Coronavirus claims 1.5 million lives globally with 10,000 dying each day
‘UN needs reform to face today’s needs’: Turkish leader
People aged 29-64 account for most coronavirus cases, says chief sanitary doctor
UK-EU trade talks down to the wire
Azerbaijani Foreign Ministry commented on the interview given by the Armenian Foreign Minister to Armenpress
Greece extends national lockdown for another week
Azerbaijan supported OPEC Plus's decision to increase production by 0,5 mln. barrels per day in January 2021
WHO praises 'phenomenal' promise of COVID vaccines
Georgia reports 45 coronavirus related deaths over past day
Turkey reports over 32,000 new COVID-19 cases
One dead, multiple injured as blast rocks warehouse in Bristol subrub
Turkish, Iranian Presidents discussed Karabakh issue in a telephone conversation
UEFA lifts ban on Azerbaijan
Cooperation Council of Turkic Speaking States expressed condolences to Azerbaijan
Italy reports 993 more deaths from COVID-19, highest daily figure since start of pandemic
Highest coronavirus infection rate over Baku is in Binagadi district
US hits record Covid cases and hospitalisations
Armenians target Azerbaijan's residential settlements, civilian population, and civilian facilities - PHOTOSESSION
Azerbaijani MP suggests to establish shelters for beggars
Azerbaijan commemorates Khojaly genocide - PHOTOSESSION
14 years pass since establishment of the Ministry of Emergency Situations: They always come to your aid in any difficult moments - PHOTOSESSION - VIDEO
First Vice-President Mehriban Aliyeva attended opening ceremony of rebuilt Azerbaijan pavilion at Exhibition of Achievements of National Economy in Moscow - UPDATED
Azerbaijan's State Security Service brought Lebanese terrorist mercenary to justice who fought in Karabakh - VIDEO
A minute of silence to be declared tomorrow at 12:00 to commemorate memory of martyrs
MoD: 2783 Azerbaijani servicemen martyred in the war