Airlines are flying back to profits in 2010
June 09, 2010 |
According to IATA, the global airline industry is showing a turnaround and will swing back to profit in 2010 after several difficult years, as growth in Asia and the U.S. offsets weaker demand in Europe.
The global airline industry likely will rebound to a $2.5 billion profit this year -- a dramatic swing from the $2.8 billion loss projected just three months ago, according to the International Air Transport Association (IATA),
The upgrade is the result of a recent strengthening of demand, which was enough to more than offset the negative effect of the ash-related cancelations. Airlines in the North America and Asia-Pacific regions account for most of the improvement, although European airlines see their forecast worsen. The global industry lost just under $10 billion in 2009.
IATA Director General Giovanni Bisignani said the magnitude of the turnaround since the association
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