By: Rami Samih
Abu Dhabi – Mubasher: The global airline’s net profit is expected to rise by 10% in 2016, International Air Transport Association’s (IATA) regional vice president for the Middle East and North Africa, Hussein Dabbas, said on Monday.
Net profit of airlines worldwide reached $33 billion last year, and is expected to rise to $36.3 billion in 2016, Dabbas added on the side-lines of the Global Aerospace Summit, held in Abu Dhabi.
Meanwhile, gross income of airlines worldwide in expected to $749 billion If the economic and political situation remained stable.
Dabbas clarified that U.S. airlines acquire about 50% of total profits, and the Middle East companies’ profits reached $1.3 billion last year, and are expected to increase to $1.7 billion in 2016.
He also asserted that global airlines benefited from the fall in oil prices, which reflected positively on their profits as the cost of fuel reaches 35% of the total operating cost.
Translated by: Elwy el-Manzalawy
