According to a Monday statement by the International Air Transport Association (IATA), the world airlines are more than likely to report a whopping $9-billion loss this year - what with the global downturn, weak demand, rising fuel costs, swine flu scare, et al!

The most recent loss figure projected by the IATA indicates a nearly twofold in the loss figures of $4.7 billion, estimated in March 2009 - thereby, once again, highlighting the unprecedented crisis the airline industry is facing. In fact, there has also been an upward revision in IATA's estimate of 2008 losses - from $8.5 billion to $10.4 billion.

Talking about the revised IATA forecast, pertaining to the 230 global airlines that the body represents, Bisignani said that the 2009 global aviation industry revenues would plunge by $80 billion to $448 billion, largely due to the hard-hitting economic crisis.

Revealing the latest loss estimates expected by the IATA at the group's annual meeting, the IATA Director General and CEO Giovanni Bisignani said: "Our industry is in survival mode. This is the most difficult situation the industry has faced."

Meanwhile in their attempt to see past the downturn, some airlines are working out cost-cutting measures - while Japan Airlines Corp, plans a 10 percent slashing of its capacity on international routes next fiscal; Cathay Pacific and Air India, intend further delaying deliveries of new planes!