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To: long-gone who wrote (86052)	5/29/2002 10:50:43 AM
From: Richnorth	Read Replies (1) \| Respond to of 116835

Airlines Lost $12 Bln The world's scheduled airlines racked up record losses of $12 billion in 2001 as the Sept 11 attacks pushed North American traffic down, the International Civil Aviation Organization said on Tuesday. According to preliminary estimates, scheduled airlines saw their operating revenues fall to $305.3 billion, a 7.1 percent drop from the previous year. Operating expenses pulled back 0.5 percent to $316.2 billion. ICAO, the United Nations agency overseeing civil aviation, said once subsidies, interest and other nonoperating charges were added in, the net loss for 2001 amounted to about 3.9 percent of the operating revenues. That compared with a profit of about 1.1 percent of operating revenue in 2000, or $318 million. Airlines laid off tens of thousands of employees in the wake of the Sept. 11 attacks, which sharply reduced passenger traffic amid increased security measures. The industry was already being hit by an economic slowdown when hijacked airliners rammed into the World Trade Center in New York and the Pentagon near Washington.