Industry profit forecast reduced 8 pct

(MENAFN) Industry profit forecast of global airlines was reduced by eight percent reaching USD11.7 billion in the current year, according to The Peninsula Qatar. The decline of the forecast by USD1 billion for the whole industry, compared to the previous forecast, caused a raise in oil prices after the Syrian crisis, according to The International Air Transport Association. IATA Director General Tony Tyler commented: "The industry situation is not improving as quickly as we had expected. I should stress that this is still an improvement over the 2012 profit of $7.4bn."