IATA airlines financial monitor

Airlines take advantage of stronger equity markets to raise $15 billion to help cushion operating cash burn; Net losses continue to expand in Q2, with some exceptions in North and South America. Net losses so far this year for sample of 50+ airlines in excess of $6 billion, excluding 'mark to market' fuel hedging gains; Jet fuel prices, pushed higher by crude oil, move above $80 a barrel, intensifying airline cash burn; Passenger and freight volumes are now starting to improve, but on very fragile foundations so far; Moreover, better volumes partly at expense of lower yields as excess capacity drives fares lower; Fleet expansion continued in July, hindering capacity resizing but boosting fuel efficiency savings.