CORRECTED-Airline industry set for record profit in 2018 - IATA

(Corrects to read association, paragraph 1)

GENEVA, Dec 5 (Reuters) - The world's airlines are set for another year of record profit in 2018 thanks to improving global economies and robust travel demand, the International Air Transport Association (IATA) said on Tuesday.

Industry profits are expected to rise to $38.4 billion in 2018, from $34.5 billion in 2017, IATA said.

"Industry profitability is on a more sustained path," IATA chief economist Brian Pearce said. (Reporting by Victoria Bryan; Editing by Arno Schuetze)