The International Air Transport Association (IATA) downgraded its forecast for industry profitability in 2012. The body expects airlines globally to make a combined $3 billion profit, down from $3.5 billion as predicted earlier. But it now expects airlines to have posted a $7.9 billion profit in 2011, compared to its earlier forecast of $6.9 billion as Chinese carriers performed much better than expected. The change for 2012 is due to the expected increase in the average oil price ...

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