The International Air Transport Association (IATA) announced a revised global financial forecast predicting airline losses totaling $11 billion in 2009. This is $2 billion more than the previously projected $9 billion loss due to rising fuel prices and exceptionally weak yields. Industry revenues for the year are expected to fall by $80 billion to $455 billion, a 15 percent drop from 2008 levels. IATA also revised its loss estimates for 2008 from a loss of $10.4 billion to a loss of $16.8 billion. This revision reflects restatements and clarification of the accounting treatment of very large revaluations to goodwill and fuel hedges. IATA industry profit figures strip-out such extraordinary items which are not realized in cash terms.Source: IATA press release 37 of Sep. 15, 2009
