BUZZ-Falling oil will not entirely translate to airline profits

** The 50 pct slide seen in the price of oil over the last six months will not translate into a corresponding improvement in airline profits, Ascend chief economist Peter Morris said on Monday

** "You're going to see payback time. Shareholders or staff that want something back, there's going to be competition for that," he told the Airline Economics conference in Dublin

** However, he adds that with GDP growth recovering as a result, "This is probably as good as it gets in this industry."

** Shares (Dusseldorf: DI6.DU - news) in European airlines such as Lufthansa, IAG, Air France-KLM (Other OTC: AFLYY - news) have all gained in recent months as oil price falls

** Moody's on Sunday upgraded its outlook for global airlines due to falling fuel prices.

** "The industry outlook is encouraging but that doesn't mean we can coast," Bill Franke, managing partner of aviation investor private equity firm Indigo Partners (Other OTC: PGPHF - news) , told the conference (RM (LSE: RM.L - news) : victoria.bryan.thomsonreuters.com@reuters.net)