Jat Airways warns of slump in profit

The management of Jat Arways. Serbia’s national carrier announced that their projected profit of 59 million Euros for the end of 2008 has been revised to a profit of 37 million Euros which is a 22 million Euro decrease due to the unexpected hefty rise in oil prices. The news is followed by the IATA agency’s warning that every increase in the price of fuel will cost the aviation industry 1.6 billion US dollars. A few days ago Jat increased its ticket prices due to increased fuel prices with charter flights becoming more expensive from 8 to 14 Euros and selected scheduled destination between 1 to 7 Euros.