Airlines lower forecast for record 2014 profit

The global airlines industry has lowered its profit forecast for 2014 due to rising jet fuel prices, but says Venezuela's financial policy, Ukraine's political upheaval and a vanished Malaysian jetliner add to the uncertainty in its outlook.

Tony Tyler, director-general and CEO of the International Air Transport Association, says the profit this year is expected to be $18.7 billion, a downgrade from the $19.7 billion it forecast in December, as fuel prices have been higher than expected since then. The profit figure is still above the $17.3 billion record the industry earned in 2010.

Tyler told reporters Wednesday that other challenges to the industry include Venezuela blocking airlines from repatriating $3.7 billion, Ukraine's instability pushing up oil prices and the disappearance of Malaysia Airlines Flight MH370 over Southeast Asia.