GENEVA, Switzerland, March 31 (UPI) -- Air travel worldwide increased by 6.6 percent in February from a year ago, the International Air Transport Association reported Thursday.
The Geneva-based group which represents some of the world's biggest air carriers said travel to and from the Middle East and Latin America was the strongest in the latest month. The IATA also said the negative effect of the tsunami hitting across southeast Asia was largely gone by February.
But the head of the IATA, Giovanni Bisignani, warned profits could be eaten up as oil prices continue to rise.
"If the average price of oil settles at $43 per barrel for the year, the total cost of fuel to the industry will exceed $73 billion. Clearly 2005 will be another year of industry losses, despite aggressive airline cost-cutting," Bisignani said.
