Airlines group lifts 2012 profit outlook to $4.1B

BERLIN (AP) ? The airline industry has raised its projected profits to $4.1 billion this year from its previous estimate of $3 billion.

The International Air Transport Association blames Europe's economic crisis, high oil prices and low business confidence for the drop from an industry profit of $8.4 billion in 2011.

But the results are still a small fraction of airlines' projected 2012 revenue of $636 billion.

IATA Chief Executive Tony Tyler told reporters in a conference call Monday that "airlines are keeping their heads above water better than we expected."

The group represents some 240 of the biggest international airlines worldwide.

Source: http://news.yahoo.com/airlines-group-lifts-2012-profit-outlook-4-1b-073318857--finance.html

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