The International Air Transport Association (IATA) on Monday revised its 2013 global industry outlook downwards to $11.7 billion on revenues of $708 billion but projected an over USD four billion hike in the global aviation industry profits this year compared to last year.
The global airlines body said the global industry would earn net profit of $11.7 billion on revenues of $708 billion this year, compared to $7.4 billion in 2012.
However, it downgraded its earlier projection for this year of $12.7 billion profit to $11.7 billion due to the impact of the oil price spike associated with the Syrian crisis and disappointing growth in many key emerging markets.
The 2013 performance is considerably better than the $7.4 billion net profit of 2012. “The upward trend should continue into 2014 when airlines are expected to return a net profit of $16.4 billion. This would make 2014 the second strongest year this century after the record breaking USD 19.2 billion profit in 2010,” IATA’s latest industry outlook said.