Airlines worldwide lost as much as $8 billion last year after a larger-than-expected fourth-quarter decline prompted by the recession and fuel-hedging losses in the period, the International Air Transport Assn. said.
The loss was wider than the $5-billion deficit estimated by the association in December because of an unanticipated $4-billion deficit in the last quarter, it said. The association had forecast a 2009 industry loss of $2.5 billion in December.
