International airlines have rebounded quicker than expected
from the recession after losing close to $26 billion over 2008 and 2009, the
industry association said on Tuesday, increasing its profit forecast for this
year.

The International Transport Association said airline profits
for 2010 will probably total $8.9 billion on revenue of $560 billion, more than
the group’s forecast in June of $2.5 billion profit on sales of $545 billion.

“This is a significant improvement, but not enough for a big
celebration,” Giovanni Bisignani, IATA chief executive, said at a news
conference in Singapore.

The global economy lead by Asia has made a faster recovery from last year’s recession that the IATA anticipated, helping to raise passenger numbers and cargo. 

Global demand will probably expand 11 percent in 2010 while the number of seats will grow 7 percent, the IATA stated. 

Source: msnbc