Geneva: The International Air Transport Association (IATA) Thursday revised its current industry financial outlook to a profit of USD 6.7 billion from the USD 4.1 billion forecast in October.
"This (profit) is expected to improve slightly to USD 8.4 billion in 2013. Industry net post-tax margin, however, will remain weak at 1.0 percent in 2012 and 1.3 percent in 2013.
According to IATA, the forecast of USD 6.7 billion in profit for 2012 is driven by strong airline performance in the second and third quarters.
"Despite high fuel prices and a slowing world economy, airline profits and cash flows held up at levels similar to 2006 when oil prices were about USD 45 per barrel lower and world economic growth was 4.00 percent," it said.
IATA director general and chief executive Tony Tyler said airlines had adjusted to the difficult business environment by improving efficiency and restructuring.
First Published: Thursday, December 13, 2012, 23:07