Alexandre de Juniac, director-general of the International Air Transport Association, told a recent gathering in Singapore that the $39.4bn in net profit for 2016 represents the second year in a row that the industry will generate a return on investment higher than 9 percent.

“It seems that we are living in extraordinary financial times,” he said.

By comparison, the airline industry reported $5bn in combined profit in 2006, with a return on investment of 4.7 percent, according to the IATA.

De Juniac attributed the robust earnings to lower fuel costs and resilient demand from air travelers. Jet fuel prices in the U.S. have dropped more than 50 percent in the last two years.

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