Airline profits unlikely will reach profits forecasted in December due to rising fuel costs, Reuters informs with reference to International Air Transport Association (IATA).

Forecasts made last year were based on oil price at $60 a barrel. Price of Brent oil today is more than $77 a barrel. It grew up 15% so far this year.

Airlines' operators, such as Singapore Airlines Ltd and AirAsia Group (Malaysia) showed high profitability in first quarter of this year due to tourism boom.

In December IATA forecasted net profit for the airline sector at record level of $38,4 billion in 2018. US and European Airlines account for $27,9 billion.

IATA represents some 280 airline that account for 83% of global air traffic.

Fuel costs growth has not transferred yet to higher air fares. There is also increase in infrastructure and labor costs.