The International Air Transport Association (IATA) has raised its 2011 overall profit outlook by a massive 73% to $6.9 billion on the back of strong demand in Europe and the Middle East as well as improving passenger traffic and cargo volumes in Japan.

Increased ticket prices and improved ancillary revenues further led to the upward revision. Several airline companies such as United Continental Holdings Inc. (NYSE: UAL - News), Delta Air Lines (NYSE: DAL - News), Southwest Airlines Co. (NYSE: LUV - News) and JetBlue Airways Corporation (NasdaqGS: JBLU - News) implemented fair hikes several times in a year.