IATA elevates industry profit projection for 2023

The International Air Transport Association (IATA) now expects the whole airline industry to make a net profit of $9.8 billion this year, roughly doubling of its initial projection for sector profitability.

The airline association had initially projected the industry would make a profit of $4.7 billion, but disclosing the updated forecast at its AGM in Istanbul today,  IATA director general Willie Walsh says the airline financial performance in 2023 is beating expectations.

”Stronger profitability is supported by several positive developments,” he says. ”China lifted Covid-19 restrictions earlier in the year than anticipated. Cargo revenues remain above pre-pandemic levels even though volumes have not. And, on the cost side, there is some relief. Jet fuel prices, although still high, have moderated over the first half of the year.”