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Originally published March 20, 2013 at 3:29 AM | Page modified March 20, 2013 at 6:38 AM

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Airlines raise 2013 profit outlook

The global airline industry says it sees a modest improvement in its financial outlook for 2013, expecting profits of $10.6 billion based on more passengers and cargo handled.

The Associated Press

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GENEVA —

The global airline industry says it sees a modest improvement in its financial outlook for 2013, expecting profits of $10.6 billion based on more passengers and cargo handled.

The International Air Transport Association credits "a backdrop of improved optimism for global economic prospects" for raising expectations above its previous forecast of $8.4 billion in profits for this year.

But the Geneva-based IATA cautioned that fuel prices are growing too.

Tony Tyler, the trade group's director general and CEO, told reporters Wednesday that $130 per barrel of jet fuel now seems likely for the remainder of the year, adding $6 billion to the $210 fuel bill for 2013 that airlines had expected.

He says continued financial turmoil in the Eurozone also presents "a very significant risk" to airlines' profitability.

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