Fullyear industry profit forecast to rise to 30.5 bln
Passenger yields expected to be 3.2 higher than 2023
Cargo yields to fall 17.5 as freight markets normalise

DUBAI, June 3 Reuters Global airlines on Monday raised their profit forecast for 2024 and projected industry wide revenues just shy of 1 trillion as a record number of travellers board flights.

The International Air Transport Association IATA said it expected the worldwide industry to generate 30.5 billion of profit this year, higher than an upwardly revised 27.4 billion in 2023 as carriers keep a lid on underlying labour costs despite recent strikes.

That comes just four years after the industry collapsed to a 140 billion loss in 2020 as a result of the pandemic and is above the 25.7 billion forecast for 2024 issued in December.

The environment is better than we had expected, particularly in Asia, Director General Willie Walsh told Reuters on the sidelines of an annual meeting of IATA39;s more than 300 members, which account for more than 80 of global air traffic.

However, the airline industry warned its ability to serve a strong rebound in travel demand is being hampered by disruption to global supply chains, including deliveries of its own fleets.

Passenger yields or the average amount paid by a passenger to fly one mile are expected to strengthen by 3.2 compared with 2023, IATA said in a twiceyearly economic outlook. In part, that is because capacity growth is constrained, driving up average…