up from its
September projection of $11.7 billion. IATA also projected airlines in 2014 to earn an aggregate $19.7 billion net profit, up from its previous $16.4 billion projection. "The upward revision reflects lower jet fuel prices over the forecast period as well as improvements to the industry’s structure and efficiency already visible in quarterly results this year," according to IATA. The association upgraded its 2013 profit forecast for North American airlines to $5.8 billion from $4.9 billion.