SYDNEY, May 31 (Reuters) - Profits for the airline industry will be solid this year but are unlikely to be at the level anticipated in December, the head of the International Air Transport Association said on Thursday.
Alexandre de Juniac, speaking to reporters at a media event ahead of the organisation’s annual meeting due to begin on Sunday, said fresh forecast would be given next week, adding that the December projection was based on oil at $60 per barrel.
In December, the group had predicted a record $38.4 billion net profit for the airline industry in 2018, with $27.9 billion coming from U.S. and European airlines.
Juniac said higher fuel price had not yet been passed on in fares yet.
IATA represents some 280 airlines comprising 83 percent of global air traffic. (Reporting by Jamie Freed; Editing by Himani Sarkar)