IATA Downgrades Profit Forecast on Syria Effect, Sluggishness in Developing World
Joint ventures, such as that recently approved between Delta Air Lines and Virgin Atlantic, have helped the airline industry to overcome the effects of higher costs, said IATA. (Photo: Delta Air Lines)
Joint ventures, such as that recently approved between Delta Air Lines and Virgin Atlantic, have helped the airline industry to overcome the effects of higher costs, said IATA. (Photo: Delta Air Lines)

The effects on demand of a recent oil price spike associated with the crisis in Syria and weaker-than-expected growth in several key emerging markets have prompted the International Air Transport Association (IATA) to adjust its airline industry profit outlook for 2013 downward by $1 billion, to $11.7 billion. Still, 2013’s performance should prove considerably better than that of 2012, when the industry turned a net profit of $7.4 billion.