(MENAFN) The International Air Transport Association's (IATA) director general and CEO, Tony Tyler, stated that profits of carriers in the Middle East are forecasted to drop by USD200 million from 2011 to USD800 million, reported Arabian Business.
Tyler attributed the decline to the Arab Spring and the ongoing political and social instability in the region.
Nevertheless, he noted that in 2013, profits of the region's airlines are expected to reach USD1.1 billion, a growth of USD300 million from this year's projected figure.
Furthermore, in 2013, margins are also expected to increase to 3 percent.
It is worth noting that globally, carriers are forecasted to post a profit of USD6.7 billion in 2012, up from the projected USD4.1 billion in October.
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