April 28, 2005 / 11:27 AM

Air traffic up, but oil price eats profits

GENEVA, Switzerland, April 28 (UPI) -- The International Air Transportation Association said Thursday passenger traffic worldwide rose 9.4 percent in the first quarter.

Yet the Geneva-based organization cautioned that high oil prices are eating into the profits of carriers.

"We are a long way away from profitability. ... However you look at it, 2005 is shaping up to be another difficult year for the airlines," said IATA Director General Giovanni Bisignani.

The IATA represents most of the world's biggest air carriers.

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Giovanni Bisignani

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