International Air Transport Association

Airlines Financial Monitor - March 2011

Released 31 March 2011

Key points from our full report on
airline financial performance in February-March:



  • Airline share prices have lost 10% so far this year, as financial markets worry about the exposure to oil;
  • Fuel costs had already begun to squeeze airline profits in 2010Q4, when improvement slowed sharply;
  • Jet fuel prices, at $134 a barrel, now triple early 2009 levels as supply shocks add to demand pressure;
  • International air travel and freight markets were hit in February by political instability in North Africa and Middle East. International traffic figures estimated to have been distorted by about 1%;
  • Capacity expanded at a higher pace than demand producing lower load factors limiting scope for cost recovery;
  • Passenger yields have risen since September, but by only around one-tenth of the 70% rise in fuel prices;
  • Fleet in service continued to expand with new deliveries.


- IATA Economics -

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