<p>Airlines are expected to return to profit next year for the first time since 2019, before the Covid pandemic caused havoc in the travel sector, an industry group said Tuesday.</p>.<p>After cutting losses this year, airlines are expected to make $4.7 billion in net profits in 2023, according to the International Air Transport Association (IATA). This is still far off the $26.4 billion profit the industry reported in 2019, before Covid prompted countries to enact travel restrictions.</p>.<p>"Resilience has been the hallmark for airlines in the Covid-19 crisis," IATA director general Willie Walsh said in a statement.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/air-india-to-introduce-premium-economy-in-some-long-distance-flights-next-month-1163852.html" target="_blank">Air India to introduce premium economy in some long-distance flights next month</a></strong></p>.<p>"As we look to 2023, the financial recovery will take shape with a first industry profit since 2019. That is a great achievement considering the scale of the financial and economic damage caused by government imposed pandemic restrictions," he said.</p>.<p>Airlines are expected to post $779 billion in revenues in 2023. Walsh said many airlines are "sufficiently profitable" to attract capital as the industry seeks to decarbonise its operations.</p>.<p>But many others are struggling due to "onerous regulation, high costs, inconsistent government policies, inefficient infrastructure and a value chain where the rewards of connecting the world are not equitably distributed," he said.</p>.<p>Passenger traffic was slightly lower than forecast in 2022 due to slowing economies and China's zero-Covid restrictions. But the IATA expects passenger traffic to return to 85.5 percent of its pre-crisis level in 2023.</p>
<p>Airlines are expected to return to profit next year for the first time since 2019, before the Covid pandemic caused havoc in the travel sector, an industry group said Tuesday.</p>.<p>After cutting losses this year, airlines are expected to make $4.7 billion in net profits in 2023, according to the International Air Transport Association (IATA). This is still far off the $26.4 billion profit the industry reported in 2019, before Covid prompted countries to enact travel restrictions.</p>.<p>"Resilience has been the hallmark for airlines in the Covid-19 crisis," IATA director general Willie Walsh said in a statement.</p>.<p><strong>Also Read | <a href="https://www.deccanherald.com/business/air-india-to-introduce-premium-economy-in-some-long-distance-flights-next-month-1163852.html" target="_blank">Air India to introduce premium economy in some long-distance flights next month</a></strong></p>.<p>"As we look to 2023, the financial recovery will take shape with a first industry profit since 2019. That is a great achievement considering the scale of the financial and economic damage caused by government imposed pandemic restrictions," he said.</p>.<p>Airlines are expected to post $779 billion in revenues in 2023. Walsh said many airlines are "sufficiently profitable" to attract capital as the industry seeks to decarbonise its operations.</p>.<p>But many others are struggling due to "onerous regulation, high costs, inconsistent government policies, inefficient infrastructure and a value chain where the rewards of connecting the world are not equitably distributed," he said.</p>.<p>Passenger traffic was slightly lower than forecast in 2022 due to slowing economies and China's zero-Covid restrictions. But the IATA expects passenger traffic to return to 85.5 percent of its pre-crisis level in 2023.</p>