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Airlines suffered the most – they incurred almost $15 billion in additional costs, RBC reported citing Reuters. This forced 279 companies in the industry to take various measures to reduce financial losses. European air carriers suffered twice as much as others.
Reuters, which studied the companies’ reports, notes that along with airlines (there are 45 of them in the analysis), manufacturers of chemicals (32) and consumer goods (29) suffered greatly.
To a large extent, the crisis affected the oil and gas extraction industry (28), automakers (22), and logistics (16). Materials suppliers, retail, financial and other sectors were also affected.
Airlines accounted for most of the additional costs – about $15 billion, mainly due to rising fuel prices. Next in the anti-rating are automakers and industry suppliers ($5.5 billion), followed by FMCG manufacturers ($2.4), cruise operators and marine transportation companies ($1.36 billion).
Toyota warned of a $4.3 billion loss, while P&G estimated its after-tax profit loss at $1 billion.
“This level of industry decline is similar to what we saw during the global financial crisis and even higher than other recessionary periods,” Mark Bitzer, chief executive of Whirlpool, the main U.S. appliance maker, told analysts after the company halved its full-year forecast and suspended its dividend. He complained that consumers have become less likely to buy new in the recession, preferring instead to pay to repair old.
