The world's major airlines are expected to lose nearly $5 billion this year, with analysts saying they could make their way back to profitability only if oil prices fall.
A report Tuesday from the International Air Transport Association says the industry has been hammered by terror attacks, the SARS crisis, war and an economic down-turn along with record-high fuel prices.
The association represents most airlines.
An IATA official says airlines have cut non-fuel costs significantly over the past couple of years and have carried a record 1.8 billion passengers this year.
Some information for this story provided by Reuters and AFP.