IATA: Aviation loses $500m in 2012

International Air Transport Association (IATA) expected decreasing the profits of international aviation companies in 2012, due to increasing oil prices, to $3 b instead of $3.5 b.

In today’s statement, IATA cut its aviation companies’ profits estimation by $500m; because of increasing average prices of oil by $115 per barrel, instead of its estimation to reach the average price of a barrel $99.

IATA assured that 2012 is still has challenges for aviation sector, especially after emerging oil prices increase crisis instead of having an economic crisis in Euro Zone. This is what decreased the international aviation profits by $3 billion.