International airlines face a “perfect storm” from high fuel costs, a slowing global economy and volatile exchange rates that could see many carriers forced to downsize, Tim Clark, President of Emirates airline said in an interview Tuesday.
“It’s a perfect storm of adversity now facing airlines,” Clark said. “The euro is going south, the pound is going south, fuel costs are still too high.”
Clark, a key and long-serving executive at Emirates, said he wasn’t surprised that Qantas Airways on Tuesday announced a sharp drop in profits and cautioned that many international carriers could be forced to retrench due to the difficult trading conditions.
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