GENEVA (AP) — The world's leading association of airlines is lowering its projection for record industry net profit this year, while predicting a 16 percent drop next year due to rising oil prices.

The International Air Transport Association forecasts profit of $35.6 billion this year, down from its previous projections for $39.4 billion due to slower economic growth and rising costs. Profit is expected to be $29.8 billion in 2017.

IATA CEO Alexandre de Juniac said Thursday that such 2017 profits would round out the industry's best three-year performance: "That's a very soft landing and safely in profitable territory."

De Juniac cited continued economic, political and security risks, but said the industry's more resilient after years of restructuring. He cautioned profits are not evenly distributed, with the best performance centered on North America.