BERLIN (AP) -- The airline industry has raised its projected profits to $4.1 billion this year from its previous estimate of $3 billion.
The International Air Transport Association blames Europe's economic crisis, high oil prices and low business confidence for the drop from an industry profit of $8.4 billion in 2011.
But the results are still a small fraction of airlines' projected 2012 revenue of $636 billion.
IATA Chief Executive Tony Tyler told reporters in a conference call Monday that "airlines are keeping their heads above water better than we expected."
The group represents some 240 of the biggest international airlines worldwide.