Airline Officials Report Loss of $13 Billion in 2002

January 9, 2003

Airline Officials Report Loss of $13 Billion in 2002
The worldwide airline industry reported Wednesday it lost $13 billion in 2002, and $18 billion in 2001, more than the combined 45 previous years of profits.

According to USA Today.com, airline officials are attributing the losses to a decline in travel following the events of Sept. 11, 2001 and a resulting increase in airport security costs. In 2002, the number of passengers on airlines worldwide declined 2.5 percent from the average 1.6 billion over the last few years.

Officials predict a 4 percent increase in the number of airline passengers by 2006, but not enough to offset the higher costs of operation.

To read more, visit USA Today.com.