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Air travel to soar near record in 2023: industry group

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Airlines will return to profit and fly a near-record 4.35 billion passengers this year, but the sector's post-pandemic recovery remains fragile, an industry group said on Monday.

The industry is forecast to post net profits totally $9.8 billion in 2023, or double previous estimates, boosted by the end of China's Covid restrictions, according to the International Air Transport Association ."Airline financial performance in 2023 is beating expectations," IATA director general Willie Walsh said in a statement during the association's annual general meeting in Istanbul.

While the industry as a whole will turn a profit, Walsh noted that it would amount to just $2.25 per passenger -- a net-profit margin of 1.2 percent. "After deep Covid-19 losses, even a net profit margin of 1.2 percent is something to celebrate," Walsh said.

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Air travel to soar near record in 2023: industry groupThe financial performance of airlines for 2023 was beating expectations, said the International Air Transport Association's director general, putting the sector back in the greens with net profits now forecasted to reach almost $10 billion.
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