Airline Profits Forecast Cut 54% on Oil, Japan Quake by IATA
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The International Air Transport Association cut its 2011 airline-industry profit forecast by 54 percent because of higher oil prices, political protests in the Middle East and North Africa, and the Japan earthquake.
Carriers will make $4 billion in profits this year on sales of $598 billion, a margin of 0.7 percent, the group, representing 238 airlines, said in a statement today at its annual general meeting in Singapore. It raised its forecast for the average price of Brent crude to $110 a barrel from $96.