IATA expects airlines around the world to collectively post net profit of US$29.3bln in 2020 as fears of a global recession ease and oil prices stabilise.
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While demand for air travel rose in May, there are signs the aviation industry faces difficult times ahead, figures from IATA show.
Virgin Australia says it expects to grow underlying profit before tax in excess of 20 per cent for first half of 2018/19.
Qantas has sounded a note of caution about rising fuel prices in the year ahead after reporting a 15 per cent increase in full year net profit for 2017/18.
Association of Asia Pacific Airlines (AAPA) boss Andrew Herdman says rising oil prices are expected to hit airline profitability in the year ahead.