Global airlines on Thursday revised upwards widely watched industry profit forecasts for 2012 and 2013, but said that carriers remain vulnerable to risks including the euro zone crisis and the threat of a US fiscal cliff.

The International Air Transport Association (IATA), which represents 240 airlines, said that airlines were set to make a collective profit of $6.7 billion in 2012, up from a previous forecast of $4.1 billion.

For 2013, it predicted an industry profit of $8.4 billion, up from its previous estimate of $7.5 billion. - Reuters