The International Air Transport Association (IATA) has downgraded its 2011 profit guidance for the airline industry in spite of higher-than-expected demand. IATA believes its members will make an $8.6 billion combined profit this year, down from the $9.1 billion expected late last year. The revised profit prediction amounts to a 46% fall from last year’s level, when airlines reached a $16 billion profit, the highest in the history of airlines. The downgrade looks small, but behind it ...

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