Asian airlines could lose $27.8 billion revenue from coronavirus
Skip to main content
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
The Business Standard

Saturday
February 04, 2023

Sign In
Subscribe
  • Home
  • Economy
    • Aviation
    • Bazaar
    • Budget
    • Industry
    • NBR
    • RMG
    • Corporates
  • Stocks
  • Analysis
  • World+Biz
  • Sports
  • Features
    • Book Review
    • Brands
    • Earth
    • Explorer
    • Fact Check
    • Family
    • Food
    • Game Reviews
    • Good Practices
    • Habitat
    • Humour
    • In Focus
    • Luxury
    • Mode
    • Panorama
    • Pursuit
    • Wealth
    • Wellbeing
    • Wheels
  • Epaper
  • More
    • Subscribe
    • Videos
    • Thoughts
    • Splash
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • COVID-19
    • Games
    • Long Read
    • Interviews
    • Offbeat
    • Podcast
    • Quiz
    • Tech
    • Trial By Trivia
    • Magazine
  • বাংলা
SATURDAY, FEBRUARY 04, 2023
Asian airlines could lose $27.8 billion revenue from coronavirus

Aviation

Reuters
21 February, 2020, 06:50 pm
Last modified: 21 February, 2020, 06:51 pm

Related News

  • Covid remains a public health emergency, says WHO
  • Could hydrogen-powered aeroplanes be the future of aviation?
  • Coppertech's net profit declines 89% in Q2
  • Singer incurs Tk16cr loss in H2 2022 for inflationary pressure
  • Peninsula logs losses in H1 despite profits in Q2

Asian airlines could lose $27.8 billion revenue from coronavirus

The bulk of the losses will be borne by Chinese carriers, including a $12.8 billion hit to the Chinese domestic market alone

Reuters
21 February, 2020, 06:50 pm
Last modified: 21 February, 2020, 06:51 pm
File Photo: Passengers wear protective masks as they wait at Hong Kong International Airport, following the coronavirus outbreak in Hong Kong, China, February 7, 2020. Reuters/Hannah McKay
File Photo: Passengers wear protective masks as they wait at Hong Kong International Airport, following the coronavirus outbreak in Hong Kong, China, February 7, 2020. Reuters/Hannah McKay

Airlines in the Asia-Pacific region stand to lose $27.8 billion (£21.6 billion) of revenue this year as they slash flights due to declining demand as a result of the coronavirus, according to a preliminary estimate from an industry body.

The bulk of the losses will be borne by Chinese carriers, including a $12.8 billion hit to the Chinese domestic market alone, the International Air Transport Association (IATA) said in a forecast released in New York on Thursday.

Chinese airlines have cut 80% of their planned capacity to, from and within China this week, according to flight data firm OAG, as they grapple with a sharp fall in demand due to the virus that has killed more than 2,100 people in China.

Asian hub carriers Cathay Pacific Airways Ltd (0293.HK) and Singapore Airlines Ltd (SIAL.SI) have cut capacity across their global networks as they look to manage the crisis.

Overall, IATA expects passenger traffic in the Asia-Pacific region to fall by 8.2% this year, compared to an earlier estimate of a 4.8% rise.

"Airlines are making difficult decisions to cut capacity and in some cases routes," IATA Director General Alexandre de Juniac said in a statement. "Lower fuel costs will help offset some of the lost revenue. This will be a very tough year for airlines."

Carriers outside Asia are expected to lose $1.5 billion of revenue due to the virus, IATA said, adding it was too early to quantify the impact on earnings.

Air France KLM SA (AIRF.PA) warned on Thursday of a 150 million to 200 million euro ($162 million to $216 million) hit to earnings by April as it contends with the coronavirus epidemic's "brutal" impact on the airline industry.

Economy / Top News

Coronavirus / outbreak / aviation / loss

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Influentials thwart Bangladesh's reform attempts: Economists
    Influentials thwart Bangladesh's reform attempts: Economists
  • Representational image. Picture: Collected
    Gold price reduced by Tk1,200 per bhori
  • The Adani Group headquarters in Ahmedabad. Photo: Bloomberg
    Adani Enterprises shelves $122 million bond plan

MOST VIEWED

  • Photo: A design layout of the third terminal of Dhaka Airport/Collected
    Operation and maintenance of Dhaka Airport's terminal-3 under PPP
  • File photo of a Biman aircraft/Collected
    Biman to use own aircraft for Hajj flights this year
  • Photo: Courtesy
    Air Astra’s third aircraft ATR 72-600 arrives in Bangladesh
  • Bangladesh, Rwanda sign air service agreement
    Bangladesh, Rwanda sign air service agreement
  • Tk32.46cr due: Govt confiscates Regent Airways' bank account
    Tk32.46cr due: Govt confiscates Regent Airways' bank account
  • Photo: UNB/Freepik
    Bangladeshi passport remains 9th weakest in Henley Index

Related News

  • Covid remains a public health emergency, says WHO
  • Could hydrogen-powered aeroplanes be the future of aviation?
  • Coppertech's net profit declines 89% in Q2
  • Singer incurs Tk16cr loss in H2 2022 for inflationary pressure
  • Peninsula logs losses in H1 despite profits in Q2

Features

Sketch: TBS

Say 'Salud' before your salad main course

11h | Food
Coots running. Photo: Enam Ul Haque

Cute Coot of Baikka Beel: 'And yet he was as bald as a coot'

5h | Panorama
With only one government run specialised cancer hospital in the capital — the National Institute Of Cancer Research and Hospital (NICRH) in Mohakhali — patients have no option but to resort to private hospitals. Photo: Noor A Alam.

Cancer care: Medical treatment and beyond

12h | Panorama
Andy Mukherjee. Sketch: TBS

What makes India's billionaires' support special for Adani

1d | Panorama

More Videos from TBS

Prioritise medical equipment, raw material imports over luxury items

Prioritise medical equipment, raw material imports over luxury items

3h | TBS Round Table
Adani row rocks India’s parliament

Adani row rocks India’s parliament

2h | TBS World
Concord launches new plant to produce environment friendly bricks

Concord launches new plant to produce environment friendly bricks

8h | TBS Stories
How Asif Khan would invest his fresh funds right now

How Asif Khan would invest his fresh funds right now

8h | TBS Markets

Most Read

1
Leepu realised his love for cars from a young age and for the last 40 years, he has transformed, designed and customised hundreds of cars. Photo: Collected
Panorama

'I am not crazy about cars anymore': Nizamuddin Awlia Leepu

2
Photo: Collected
Energy

8 Ctg power plants out of production

3
The International Monetary Fund (IMF) logo is seen outside the headquarters building in Washington, U.S., September 4, 2018. REUTERS/Yuri Gripas/File Photo
Economy

IMF approves $4.7 billion loan for Bangladesh, calls for ambitious reforms

4
Fund cut as Dhaka's fast-track transit projects on slow spending lane
Infrastructure

Fund cut as Dhaka's fast-track transit projects on slow spending lane

5
Photo: Collected
Court

Japanese mother gets guardianship of daughters, free to leave country

6
Belal Ahmed new acting chairman of SIBL
Banking

Belal Ahmed new acting chairman of SIBL

EMAIL US
[email protected]
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Privacy Policy
  • Comment Policy
Copyright © 2023
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - [email protected]

For advertisement- [email protected]