Airlines return to profit

The International Air Transport Association has said 47 major carriers it monitors to assess the industry's financial health reported a net profit of US$3.9 billion in the second quarter.

The results contrast with the US$881-million net loss posted by carriers a year earlier.

IATA said airlines in North America and the Asia-Pacific region performed best.

The Geneva-based association said European carriers' results were boosted by a US$1.3-billion asset sale in the second quarter, without which they would have posted further losses.

IATA said Monday that airlines benefited from stable fuel prices and slowly improving demand over the past months.

-AP