Saudi Gazette - Middle East carriers to post highest ever profit next year

Saudi Gazette - Middle East carriers to post highest ever profit next year:

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Middle East carriers are expected to post profits of $1.6 billion in 2013, which is marginally ahead of the $1.5 billion previously forecast, International Air Transport Association (IATA) said Monday in its revised 2013 global industry outlook.

The region’s efficient hubs continue to support strong performance on long-haul markets. And the impact of the Syrian crisis has been limited. Passenger demand is expected to grow by 10.5 percent, the strongest among all regions. But this will be slightly outstripped by capacity growth of 11.3 percent.

IATA revised its 2013 global industry outlook downwards to $11.7 billion on revenues of $708 billion. Airline performance continued to improve in the second quarter; however at a slower pace than was expected with the previous projection (in June) of $12.7 billion. This reflects the impact on demand of the oil price spike associated with the Syrian crisis and disappointing growth in several key emerging markets."

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