The world’s airlines posted a collective record of approximately $60 billion in profits in 2015, according to preliminary figures released by the UN aviation agency in December 2015. Final figures will be released in July 2016.
The International Civil Aviation Organization (ICAO), which represents some 1,400 commercial airlines around the world, said a 6.4 per cent increase in the number of passengers from 2014 and a 40 per cent decline in jet fuel costs contributed to the industry’s profits.There were around 3.5 billion passenger flights in 2015.The increasing presence of low cost carriers in emerging economies also helped boost overall profits, the ICAO said.
Looking forward to 2016, the agency forecasts that a further decline in oil prices and an improving global economy should see passenger traffic and profits continue their upward trend.The International Civil Aviation Organization (ICAO) is a UN specialized agency, established by States in 1944 to manage the administration and governance of the Convention on International Civil Aviation (Chicago Convention).
ICAO works with the Convention’s 191 Member States and industry groups to reach consensus on international civil aviation Standards and Recommended Practices (SARPs) and policies in support of a safe, efficient, secure, economically sustainable and environmentally responsible civil aviation sector. These SARPs and policies are used by ICAO Member States to ensure that their local civil aviation operations and regulations conform to global norms, which in turn permits more than 100,000 daily flights in aviation’s global network to operate safely and reliably in every region of the world.
