Airlines say they lost more than $8 billion in 2008

The world's airlines lost up to $8 billion last year, far more than the $5 billion previously estimated, a global industry body said on Monday.

The International Air Transport Association (IATA) said airline losses exceeded $4 billion in the fourth quarter of 2008, a period in which the global credit, financial and economic crises became acute.

"Airlines are now losing money at the operating level," IATA said in its latest Airlines Financial Health Monitor.

While falling oil prices have provided some respite in past months, many airlines committed themselves to paying higher prices in the last months of 2008 because of hedging, IATA said.

The Geneva-based body had previously estimated industry-wide losses at $5 billion in 2008.