The profits of global airlines are set for an unexpected recovery of more than US$1 billion (Dh3.67bn) by the end of the year as the industry defies the global gloom to increase sales and earnings - even in the most adverse of cisrcumstances.
The International Air Transport Association (Iata) upgraded this year's anticipated global airlines earnings to $4.1bn from its June forecast of $3bn. Carriers in the Middle East helped the rise more than most, with profits expected to more than double.
The increase was a welcome sign of a return to health from the gloomy first half of the year but was still a far cry from last year's $8.4bn in profits. Forecast profits would rise further next year to $7.5bn, Iata said.
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