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IATA sees 29% drop in 2012 airline industry profit

The International Air Transport Association (IATA) has said that the industry-wide profit is projected to drop by 29% to $4.9bn next year, because of the weak global economy and stubbornly high jet fuel prices, Reuters has reported The group increased its 2011 estimate from a previous forecast of $4.0bn it made in June to $6.9bn, citing stronger-than-expected growth in the first half of 2011.