Iata raises global profit forecasts for aviation industry

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The airline industry is still on a knife edge. That is the view of the industry body the International Air Transport Association (Iata), despite the fact that it has just raised its forecast global profits for 2012 to $4.1bn(£2.5bn).

High fuel costs, and a weak European economy are taking their toll, particularly in the cargo sector.

But Iata's chief executive, Tony Tyler, says it is not all doom and gloom for Asia Pacific airlines.

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