Airline share prices have risen more than 70 per cent from their lowest point at the beginning of last year, outperforming the broader equity market, as investors bet on a strong recovery in the highly cyclical aviation business.
As larger carriers reported stronger results amid growing passenger traffic, airline stocks climbed 73 per cent from the bottom of the cycle in the first quarter of 2009, the International Air Transport Association said in its latest financial monitor report. “Clearly financial markets are expecting much improved financial performance from airlines in the upturn phase of this cycle,” Iata said.
国际航空运输协会(International Air Transport Association)在其最新的财务监测报告中表示，随着大型航空公司纷纷公布了更强劲的业绩，再加上客流量稳步增长，航空股已经较2009年第一季度的周期谷底爬升了73%。该协会称：“显然，金融市场预期在这个周期的上行阶段，各航空公司的财务表现将大幅改善。”
The airline industry has been steadily recovering after it was battered by the global downturn in 2008-2009 to the extent that Iata upgraded its forecasts in June to predict a collective industry annual net profit of $2.5bn this year, up from the $2.8bn loss it had forecast only in March.
In keeping with that prediction, it said second-quarter results for 47 big airlines showed a net profit of $3.9bn, an improvement of nearly $5bn over the same period last year.
But the results have been uneven. Airlines in North America and Asia Pacific have had the biggest boost in performance while those in Europe have seen their share prices and underlying profits lag behind those in other regions.
Without the $1.3bn raised in the April initial public offering of the Amadeus travel reservation group, in which airlines including Air France and Lufthansa hold stakes, there would have been further losses in Europe in the second quarter, Iata said.
In spite of its general recovery, the global airline business has not been free of failures.