Middle East airlines' profits to drop to USD 300mn in 2012 - IATA.

By bne IntelliNews December 8, 2011
The regional unrest and unfavorable market conditions in Europe will cut by half profit outlook for air carriers in the Middle East, Gulf News reported citing Tony Tyler, CEO of the International Air Transport Association (IATA). Next years profit is seen USD 300mn in 2012, down from an earlier projected gain of USD 700mn. For 2011, the Middle East carriers are expected to earn profits of USD 400mn almost half of what was estimated earlier as a result of higher fuel prices. The IATA also lowered its 2012 forecast for the global airline market expecting a drop in profits to USD 3.5bn from USD 4.9bn.
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