IATA adjusts 2010 net profit forecast at 15.1 bln USD
Tuesday, December 14, 2021 8:06 AM

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Dec. 14, 2010 (Xinhua News Agency) -- IATA adjusts 2010 net profit forecast at 15.1 bln USD

GENEVA, Dec.14 (Xinhua) -- The International Air Transportation Association (IATA) announced Tuesday that it has revised its 2010 industry outlook to a net profit of 15.1 billion U.S. dollars, up from its 8.9-billion-dollar forecast in September.

The organization also upgraded the projected 2010 revenue from 565 billion dollars to 570 billion dollars.

IATA Director General and CEO Giovanni Bisignani said the increase was based on an "exceptionally strong third quarter performance."

Despite the upward adjustment, the industry was still facing a narrow net margin of 2.7 percent in 2010 and an even worse situation in 2011, with net margin shrinking to 1.5 percent.

"We will see the recovery pausing next year after a strong post-recession rebound," Bisignani said, giving a decreased net industry profit projection of 9.1 billion dollars for 2011.

The profit meltdown was attributed to increased fuel costs, slower global GDP growth, and mounting taxation as a result of austerity measures.

Airlines in different parts of the world will continue to see varied performances with growth in the Asia-Pacific region, recovery for North American airlines (NYSE:AMR) and struggles by their European peers.

IATA projected Asia-Pacific region airlines will post the largest profit ever in 2010 at 7.7 billion dollars, making it the most profitable region in the world.

Airlines in another important region, North America, will see a 5.1- billion-dollar profit in 2010, largely due to its successful capacity cut at the dwindling demand.

European airlines, on the other hand, are regarded as "laggards" by the IATA, with a projected profit of 400 million dollars in 2010, which was expected to further decrease to 100 million dollars in 2011.

(Source: )
(Source: Quotemedia)
 

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