Global aviation expects to return profitability in 2010
Global aviation sector will earn a profit of 2.5 billion U.S. dollars in 2010, as world economy recovers more quickly than previous anticipation, said by the International Air Transport Association (IATA) on Monday.
“The global economy is recovering from the depths of the financial crisis much more quickly than could have been anticipated. Airlines are benefiting from a strong traffic rebound that is pushing the industry into the black,” said IATA’s chief Giovanni Bisignani at the IATA Annual General Meeting in Berlin.
“We thought that it would take at least three years to recover the 81 billion U.S. dollars (14.3 percent) drop in revenues in 2009. But the 62 billion U.S. dollars top line improvement this year puts us about 75 percent on the way to pre-crisis levels,” he said.
Industry revenues are forecast to be 545 billion U.S. dollars in 2010. This is up from the 483 billion U.S. dollars in 2009, but still below the 564 billion U.S. dollars achieved in 2008, IATA said.
The profit will majorly comes from the regions of Asia-Pacific and North American, expected to deliver 2.2 billion U.S.dollars and 1.9 billion dollars separately. Europe will be the only region in the red with a 2.8 billion U.S. dollars loss
Passenger traffic is forecast to grow by 7.1 percent in 2010 while cargo traffic will expand by 18.5 percent. This is significantly better than the previous forecast growth of 5.6 percent and 12 percent respectively.
Yields are now forecast to grow by 4.5 percent for both the cargo and passenger business. This is a significant improvement from the previously forecast yield growth of 2.0 percent in passenger markets and 3.1 percent for cargo.
The 66th IATA Annual General Meeting and World Air Transport Summit started in Berlin from on June 6 and will end on June 8, 2010.Â
Xinhua
“The global economy is recovering from the depths of the financial crisis much more quickly than could have been anticipated. Airlines are benefiting from a strong traffic rebound that is pushing the industry into the black,” said IATA’s chief Giovanni Bisignani at the IATA Annual General Meeting in Berlin.
“We thought that it would take at least three years to recover the 81 billion U.S. dollars (14.3 percent) drop in revenues in 2009. But the 62 billion U.S. dollars top line improvement this year puts us about 75 percent on the way to pre-crisis levels,” he said.
Industry revenues are forecast to be 545 billion U.S. dollars in 2010. This is up from the 483 billion U.S. dollars in 2009, but still below the 564 billion U.S. dollars achieved in 2008, IATA said.
The profit will majorly comes from the regions of Asia-Pacific and North American, expected to deliver 2.2 billion U.S.dollars and 1.9 billion dollars separately. Europe will be the only region in the red with a 2.8 billion U.S. dollars loss
Passenger traffic is forecast to grow by 7.1 percent in 2010 while cargo traffic will expand by 18.5 percent. This is significantly better than the previous forecast growth of 5.6 percent and 12 percent respectively.
Yields are now forecast to grow by 4.5 percent for both the cargo and passenger business. This is a significant improvement from the previously forecast yield growth of 2.0 percent in passenger markets and 3.1 percent for cargo.
The 66th IATA Annual General Meeting and World Air Transport Summit started in Berlin from on June 6 and will end on June 8, 2010.Â
Xinhua
Tags: aviation industry, Global aviation
Posted by VBN on Jun 8 2010. Filed under World Business. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry
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