Global airline industry cruising towards record earnings this year
But outlook differs between regions; North America will account for bulk of US$39b profits, Asia-Pac US$7.8b while Africa expected to stay in the red
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Ven Sreenivasan
Singapore
BUOYED by strong demand and lower fuel prices, the global commercial airline industry is expected to post record profit this year.
The International Air Transport Association (Iata), which represents 260 airlines that account for some 83 per cent of all global air traffic, unveiled on Thursday a revised 2016 financial outlook for global air transport industry profits, with earnings tipped upwards to US$39.4 billion (compared to its US$36.3 billion forecast in December 2015). The profit upgrade comes on the back of a downward revision of 2016 average oil price to US$45 for Brent crude, compared to earlier estimates of US$51 made in December.
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