The forecast by the International Air Transport Association was slightly better than the loss last year. But it was significantly worse that the association’s projections in March that estimated a loss of $4.7 billion for 2009.

The group also said it expected revenue across the industry to fall 15 percent, to $448 billion this year — a much steeper decline than after the 9/11 terror attacks in the United States.

North American airlines are forecast to have a combined loss of $1 billion this year. That would be a significant improvement over the $5.1 billion loss in 2008, when soaring fuel prices hit many airlines there especially hard. European airlines are expected to lose $1.8 billion.

Sales of first- and business-class tickets, in particular, have slumped as passengers have switched to economy class, depriving many airlines of a major source of revenue that is unlikely to return soon.

The global industry’s projected $9 billion loss is a slight improvement over the $10.4 billion loss in 2008, when fuel bills climbed to $165 billion as oil prices soared. This year, the association expects airline fuel bills to fall back to $106 billion, but Mr. Bisignani warned that oil prices could be pushed up again as the global economy began to recover.

http://www.nytimes.com/2009/06/09/business/global/09air.html

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Let's hope oil stays down so that planes stay up!