The global airline industry is likely to post a net profit of $6.7 billion during 2012. This is likely to grow to a net profit of $8.4 billion in 2013, the International Air Transport Association (IATA) announced on Thursday. The latest data for 2012 are $2.6 billion upgrade from what IATA had predicted in October this year. According to IATA, improved prospects for 2012 are being driven by airlines’ strong performance in the second and third quarters and also the performance of growing economies such as India, China and Latin America.

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