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Global air passenger traffic demand up 7.2 percent in October: IATA
06 December 2017, 12:34 | Lionel James
Global passenger traffic up 7.2pc in Oct: IATA
Similarly, net profit is poised to rise nearly 20 per cent in 2018 to US$38.4 billion - the industry's highest amount ever in one year.
To continue to deliver on our full potential, governments need to raise their game-implementing global standards on security, finding a reasonable level of taxation, delivering smarter regulation and building the cost-efficient infrastructure to accommodate growing demand.
Jet fuel prices are expected to rise even more quickly to $73.8 per barrel (up 12.5 per cent on $65.6 in 2017). Despite the challenges, the aviation body said there is positive momentum heading into 2018.
Europe's airlines are in second place with an anticipated US$11.5 billion in profit, boosted by economic recovery in their home markets as well as some consolidation in that region.
IATA said the global air passenger performance in October was helped by a lack of weather-related impacts.
Asia-Pacific: Airlines in this region are forecast to see profits of $9 billion in 2018, up from $8.3 billion in 2017. Cargo volume is expected to grow 4.5% y-o-y to 62.5 million tonnes.
In 2017, IATA said airlines hit a new record of over 20,000 city-pair connections, up by 1,351 from 2016.
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In response to the tougher conditions regional carriers have cut costs and unprofitable routes, with Dubai carrier Emirates reporting a 111 per cent increase in profit to $214m in the April 1 to September 30 period after a 75 per cent slump in the first half of its previous fiscal year. Cargo yields are expected to improve by 4 per cent in 2018, slower than the 5 per cent in 2017.
The figures accounts for 190 of the world's airlines so "are likely to significantly underestimate the extent of the problem", IATA's assistant director for external affairs Tim Colehan said in Geneva.
This is especially impressive considering that October was the 38th consecutive month of double-digit passenger percentage growth for India.
In a statement today, IATA said, passenger capacity grew by 6.2 per cent and load factor climbed 0.8 percentage point to 80.8 per cent year-on-year (y-o-y).
The Asia Pacific region saw the biggest demand growth, with a 10.1 percent increase. As a result, operating margins will decline from 8.3% this year to 8.1%, according to the forecast.
Oil prices are expected to average $60 a barrel for Brent Crude in 2018, up 10.7 per cent from $54.2 per barrel in 2017, according to IATA. "This will outpace an expected 3.5 per cent increase in unit revenues", Pearce said.
Jets beat the Chiefs, 38-31
And the Jets' 23rd-ranked offense proceeded to carve up the Chiefs' defense and propel NY to a 38-31 victory at MetLife Stadium. Revis, who played eight years over two stints with the Jets, started for the Chiefs, but spent the second half on the sideline.