PARIS: Airline industry revenues are expected to remain 46 percent lower in 2021 than the US$838 billion (S$1.14 trillion) booked in the last pre-coronavirus year of 2019, industry body IATA said in a marked worsening of its forecasts.
Its previous outlook for a smaller drop of 29 percent "was based on expectations for a demand recovery commencing in the fourth quarter of 2020."
That is now unlikely to materialize because of renewed Covid-19 outbreaks and government restrictions in response, said the federation representing 290 airlines.
Over the full year in 2020, IATA forecasts a 66-per cent drop in traffic compared to last year.
"The fourth quarter of 2020 will be extremely difficult and there is little indication the first half of 2021 will be significantly better, so long as borders remain closed and/or arrival quarantines remain in place," IATA director general Alexandre de Juniac said in a statement.
Even with drastic cost-cutting, airlines will need further government aid to avoid running out of cash, de Juniac said.
San Miguel Corp.'s liquefied natural gas (LNG) facility in Batangas province will be "running" in two years, its top executive said on Wednesday. In a virtual briefing, San Miguel President and Chief Operating Officer Ramon Ang told reporters that "in 24 months, you will see the LNG plant running," adding that its construction was progressing quickly and would be finished on time. The LNG terminal is being built within the area of the Ilijan power plant in Batangas through SMC Global Power Holdings Corp., which Ang said was switching to LNG. The construction involves three power plants, each with a capacity of 850 megawatts (MW), and an import terminal. Ang did not disclose how much was invested in the terminal, as his company intends to join Manila Electric Co.'s competitive bidding to supply 1,800 MW of power. The listed conglomerate will propose to provide the electricity giant additional supply from the said facility. San Miguel shares gained 90 centavos or 0.89 percent to end at P102 apiece on Wednesday.
Its previous outlook for a smaller drop of 29 percent "was based on expectations for a demand recovery commencing in the fourth quarter of 2020."
That is now unlikely to materialize because of renewed Covid-19 outbreaks and government restrictions in response, said the federation representing 290 airlines.
"The fourth quarter of 2020 will be extremely difficult and there is little indication the first half of 2021 will be significantly better, so long as borders remain closed and/or arrival quarantines remain in place," IATA director general Alexandre de Juniac said in a statement.
Even with drastic cost-cutting, airlines will need further government aid to avoid running out of cash, de Juniac said.
San Miguel Corp.'s liquefied natural gas (LNG) facility in Batangas province will be "running" in two years, its top executive said on Wednesday. In a virtual briefing, San Miguel President and Chief Operating Officer Ramon Ang told reporters that "in 24 months, you will see the LNG plant running," adding that its construction was progressing quickly and would be finished on time. The LNG terminal is being built within the area of the Ilijan power plant in Batangas through SMC Global Power Holdings Corp., which Ang said was switching to LNG. The construction involves three power plants, each with a capacity of 850 megawatts (MW), and an import terminal. Ang did not disclose how much was invested in the terminal, as his company intends to join Manila Electric Co.'s competitive bidding to supply 1,800 MW of power. The listed conglomerate will propose to provide the electricity giant additional supply from the said facility. San Miguel shares gained 90 centavos or 0.89 percent to end at P102 apiece on Wednesday.
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