ME profits to fall by $100m

04 September 2008

A report issued by the International Air Transport Association (IATA) has trimmed growth forecasts for the global aviation industry to show airlines posting losses of $5.2bn, due mainly to the rising price of oil. Passenger traffic is now expected to grow on average by 3.2% (was 3.9%) and air freight volumes by 1.8% (was 3.9%). Middle Eastern profits will drop by $100m to $200m.

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