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Airlines Cut Losses in 2022; Return to Profit in 2023

Khosie Ncube by Khosie Ncube
in Special Feature
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Airlines Cut Losses in 2022; Return to Profit in 2023

A350 A2A- | These images are protected by copyright. Delta has acquired permission from the copyright owner to use the images for specified purposes and in some cases for a limited time. If you have been authorized by Delta to do so, you may use these images to promote Delta, but only as part of Delta-approved marketing and advertising. Further distribution (including providing these images to third parties), reproduction, display, or other use is strictly prohibited.

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The International Air Transport Association (IATA) expects a return to profitability for the global airline industry in 2023 as airlines continue to cut losses stemming from the effects of the COVID-19 pandemic to their business in 2022. In 2023, airlines are expected to post a small net profit of $4.7 billion—a 0.6% net profit margin. It is the first profit since 2019 when industry net profits were $26.4 billion (3.1% net profit margin). In 2022, airline net losses are expected to be $6.9 billion (an improvement on the $9.7 billion loss for 2022 in IATA’s June outlook). This is significantly better than losses of $42.0 billion and $137.7 billion that were realized in 2021 and 2020 respectively. “Resilience has been the hallmark for airlines in the COVID-19 crisis. As we look to 2023, the financial recovery will take shape with a first industry profit since 2019. That is a great achievement considering the scale of the financial and economic damage caused by government imposed pandemic restrictions.  But a $4.7 billion profit on industry revenues of $779 billion also illustrates that there is much more ground to cover to put the global industry on a solid financial footing. Many airlines are sufficiently profitable to attract the capital needed to drive the industry forward as it decarbonizes. But many others are struggling for a variety of reasons. These include onerous regulation, high costs, inconsistent government policies, inefficient infrastructure and a value chain where the rewards of connecting the world are not equitably…

 

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Khosie Ncube

Khosie Ncube

Experienced freelancer with several years in journalistic, marketing and business development experience across various Pan-African disciplines. Adept in developing original content based on the needs of the client and committed to writing with integrity and a dedication to craft.

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