Airlines en route to $10bn profit this year, says Walsh

Airlines worldwide are expected to make near-record revenues of more than $800bn (£645bn) this year, according to the trade body lata, which doubled its industry profit forecast for 2023 to almost $10bn.

- Gwyn Topham

Iata's head, Willie Walsh, denied that fares were excessive, despite the upgrade in the financial outlook. He said profit margins remained "wafer thin" and blamed airline suppliers for increasing costs.

After industry losses of $183bn in the pandemic years, Walsh said airlines were "en route to a profitable, safe, efficient and sustainable future".

People were flying despite economic uncertainties, he said, with the latest data showing passenger traffic down by less than 10% on 2019 levels.