IATA said second quarter of 2009 involved “further deterioration” for airlines’ bottom lines. “This year second quarter losses of $2 billion follow first quarter losses of $4 billion,” IATA said in a statement. “Total industry losses in the first half of 2009 are likely to have been in excess of reported $6 billion.” IATA has previously estimated airlines will lose $9 billion in 2009 after an $8.5 billion loss in 2008, when high oil prices hit profits and then global credit and financial crisis slashed demand for business and leisure air travel.
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