THE International Air Transport Association (IATA) is now forecasting that the worldwide aviation industry will earn a record US$15.1 billion in 2010, with China driving the largest airline earnings in Asia Pacific, the top performing region globally.The projected figure is almost double the $8.9 billion collective profit forecast made just three months ago.
The revised earnings forecast follows a "remarkable" turnaround in the third quarter, on the back of continued growth in air freight revenues and the return of profitable business travellers, according to IATA.
The Financial Times reports that IATA has also raised its estimated profit forecast for 2011 to just over $9 billion, up from the $5.3 billion it forecast in September.
Carriers based in the Asia-Pacific region are heading the pack amid predictions they will account for nearly half of the industry's global 2010 profits at $7.7 billion, which would mark the highest earnings from the region ever seen before.
IATA is still forecasting that the performance of European airlines this year will lag behind the rest of the world, with Europe's airlines expected to generate collective profits of just $400 million in 2010, falling to $100 million in 2011.
However, this is still an improvement given that in earlier forecasts IATA had anticipated that European airlines would suffer a loss in 2010.
The report said Giovanni Bisignani, the director general and chief executive of IATA described Europe's $400 million profit forecast as "peanuts" considering it was only four times larger than Africa's profits, yet its industry is 13 times the size of Africa's.
"The same is true for the Middle East airlines," he was quoted as saying. "They will make $700 million this year, almost double the Europeans, but on a quarter of the revenues."
As for North American airlines they are collectively expected to earn $5.1 billion in 2010, IATA said.
The report said Giovanni Bisignani, the director general and chief executive of IATA described Europe's $400 million profit forecast as "peanuts" considering it was only four times larger than Africa's profits, yet its industry is 13 times the size of Africa's.
"The same is true for the Middle East airlines," he was quoted as saying. "They will make $700 million this year, almost double the Europeans, but on a quarter of the revenues."
As for North American airlines they are collectively expected to earn $5.1 billion in 2010, IATA said.
Source : HKSG, 18.12.10.
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