BREAKING NEWS

Global airlines have revised upwards their profit forecasts for this year and next.

The International Air Transport Association, which represents 240 airlines, says they are set to make a collective profit of 5.1 billion euros this year, up from a previous forecast of 3.1 billion.

The profit prediction for next year has been boosted by almost 700 million euros.

But IATA warned that carriers remain vulnerable to risks including the eurozone crisis and the threat of a US fiscal cliff.