no to porównajcie z tekstem IATA:
Improved Airline Performance in Challenging Environment
Industry Net Margin Expected to Reach 1.3% in 2013
Geneva - The International Air Transport Association (IATA) announced an upward revision to its industry financial outlook. For 2012 airlines are expected to return a profit of $6.7 billion (up from the $4.1 billion forecast in October). This is expected to improve slightly to $8.4 billion in 2013 (marginally better than the $7.5 billion forecast in October). Industry net post-tax margin, however, will remain weak at 1.0% in 2012 and 1.3% in 2013.

2012

Improved prospects for 2012 are being driven by strong airline performance in the second and third quarters. Despite high fuel prices and a slowing world economy, airline profits and cash flows held up at levels similar to 2006 when oil prices were about $45/barrel lower and world economic growth was 4.0%.

Historically, when GDP growth has fallen below 2% the airline industry has returned a collective loss. “With GDP growth close to the ‘stall speed’ of 2.0% and oil at $109.5/barrel we expected much weaker performance. But airlines have adjusted to this difficult environment through improving efficiency and restructuring. That is protecting cash flows against weak economic growth and high fuel prices,” said Tony Tyler, IATA’s Director General and CEO.

The improved performance is most evident in large airlines for which Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) averaged between 10% and 15% of revenue in the third quarter of the year. “It’s a diverging picture. Economies of scale are helping larger airlines to cope much better with the difficult environment than small and medium-sized carriers which continue to struggle,” said Tyler.

Overall performance has been positively impacted by strong passenger traffic growth (5.3%) and a 3.0% improvement in yields. Despite the slowing world economy business travel was supported by more robust international trade in goods and service. This contributed to a positive picture for both passenger volumes and yields. In sharp contrast, cargo markets have contracted by 2.0% and cargo yields are down 2.0% on 2011 levels. Although world trade is still expanding, the pattern of economic growth – concentrated in the emerging markets – has favored ocean over air freight.

The slight relief in oil prices (at $109.5/barrel, down from $110/barrel in the October forecast) did not translate into relief on the fuel price. Moving in the opposite direction, because of a widening of refinery margins, jet fuel costs are expected to average $129.5/barrel which is a $1.8/barrel increase on the previous forecast.

IATA emphasizes that despite the improved prospects, overall the industry remains weak:
• The $6.7 billion expected net profit is a fall from the $8.8 billion that the industry made in 2011.
• The 1.0% net profit margin is well below the 7-8% needed to recover the industry’s cost of capital.
Improved industry performance

Changes to industry structure are contributing to the improved airline financial performance seen since the second quarter. In the difficult business environment of the past year airlines have been seeking to lower costs and improve yields through restructuring. Recent alliances and joint ventures have enabled economies of scale as well as offering more choice for passengers. A sharp fall in the number of new entrants, due to the lack of funding for start-ups, and a number of airline bankruptcies have also contributed to an improved industry structure which has allowed airlines to share efficiency gains between improved service for passengers and better returns for investors.