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But the losses were expected before the affect of swine flu struck.
The airline industry now fears that if people start cancelling travel plans on a large scale it will lose much more.
Al Jazeera's Melissa Chan reports from Beijing.
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Airlines brace for downturn over swine flu
The International Air Transport Association (IATA) had predicted airlines were on track to lose $4.7 bn this year due to the global economic downturn.
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