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Airlines from Asia, LatAm fly to the top
By Frank Jordans |
December 15, 2010, Wednesday
|
Print Edition
Print Edition
THE world's five biggest airlines now hail from Asia and Latin America, highlighting the industry's shift away from the United States and Europe to higher-growth countries, the International Air Transport Association said yesterday.
Air China is twice the size of either Delta in the US or Germany's Lufthansa. But despite emerging markets' strength and a broad earnings rebound this year, weak economic conditions in Europe and low margins are acting as a drag on profits, the group warned.
"The world is changing in aviation, and it's changing very, very quickly," IATA Chief Executive Giovanni Bisignani told a news conference in Geneva. "Rapidly developing markets are shifting the industry's center of gravity to the East."
Air China has a market capitalization of US$20 billion, followed by Singapore Airlines with US$14 billion and Hong Kong-based Cathay Pacific with US$12 billion. China Southern Airlines has a market cap of US$11 billion, as does LATAM, the Latin American airline created from the merger of Chile's LAN and TAM of Brazil. US carrier Delta and Germany's Lufthansa follow with market cap of US$10 billion each.
IATA said strong growth in developing countries and a rebound in North America are largely responsible for the aviation industry's recovery this year.
Air China is twice the size of either Delta in the US or Germany's Lufthansa. But despite emerging markets' strength and a broad earnings rebound this year, weak economic conditions in Europe and low margins are acting as a drag on profits, the group warned.
"The world is changing in aviation, and it's changing very, very quickly," IATA Chief Executive Giovanni Bisignani told a news conference in Geneva. "Rapidly developing markets are shifting the industry's center of gravity to the East."
Air China has a market capitalization of US$20 billion, followed by Singapore Airlines with US$14 billion and Hong Kong-based Cathay Pacific with US$12 billion. China Southern Airlines has a market cap of US$11 billion, as does LATAM, the Latin American airline created from the merger of Chile's LAN and TAM of Brazil. US carrier Delta and Germany's Lufthansa follow with market cap of US$10 billion each.
IATA said strong growth in developing countries and a rebound in North America are largely responsible for the aviation industry's recovery this year.
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