The profit forecast for the Middle Eastern carriers has been downgraded slightly by International Air Transport Association (IATA) to $400 million (Dh1.468 billion) for 2012, from the March projection of $500 million on worsening European crisis, higher oil prices and the political situation in the Middle East.
The projected drop is a significant, according to IATA, compared with 2011, when the region’s carriers returned a profit of $1 billion.
“Since our last forecast, profitability [of Middle Eastern airlines] is down slightly to $400m from $500m earlier. It’s still a reasonably good picture compared to the industry,” said Tony Tyler, IATA’s Director-General and Chief Executive.
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