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Turbulence ahead for global aviation industry: IATA chief

AFP, Singapore
Globed aviation faces a tough future despite making profits last year as it grapples with debt, rising fuel bills and a looming US recession, but Asia could be a bright spot, officials said Monday.
"Tough times will continue... Airlines may be out of intensive care but the industry is still sick," said International Air Transport Association (IATA) chief Giovanni Bisignani.
Airlines earned 5.6 billion dollars in 2007 but that was less than two percent of revenue worth 490 billion dollars, he said in a speech at a conference held as part of the Singapore Airshow starting Tuesday.
"Airlines are in 190 billion dollars of debt. Oil is pushing 100 dollars per barrel, accounting for 30 percent of operating costs or a total bill of 149 billion dollars," he told delegates including ministers and airline chiefs.
The industry's revenue cycle
had already peaked in 2006 and the impact of a credit crunch spreading from the ailing US economy was still beingcalculated, he said.
But Asia’s aviation industry could fare better despite the gloom due to the rapidly expanding markets in China and India, Bisignani said, although he warned the region also faced competition from the Middle East - - - , -
Asia boasts some of the industry's "strongest carriers and best and newest airport infrastructure" but the Middle East was spending 38 billion dollars on airports and other aviation facilities, he said.
"Just look at Dubai. With nearly 35 million passengers, it now handles nearly as much traffic as Changi," he said, referring to Singapore's international airport.
The Gulf financial centre of Dubai serves 159 destinations, 37 percent more than Changi, and it was also developing Jebel Ali airport, which will sene 120 million passengers annually, he said.
But Asia-Pacific carriers
accounted for 25 percent of global passenger traffic against five to six percent for Middle Eastern airlines, said Andrew Herdman, the director general of the Association of Asia-Pacific Airlines.
Asia-Pacific airlines also accounted for almost 40 percent of global cargo traffic, he added.
"We expect that market share to continue to grow because the growth rates in Asia can be slightly faster than the global average," Herdman said.
Singapore Airlines chief executive Chew Choon Seng said carriers were not immune to a US-led global economic slowdown, but that the city-state's airline should weather the challenge because of its links to China and India.
"Perhaps being located here in Asia and with our good network to India and to China and the buoyant situation around the Southeast Asian region, we could be better positioned than some others," he said.