IATA sees airlines making first profits since 2007

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The International Air Transport Association has raised its sector forecasts and said on Monday it now expected airlines to get back into profit for the first time for three years.

"We are upgrading our global industry forecast to a full year profit of 2.5 billion dollars," or 2.1 billion euros, IATA director general Giovanni Bisignani told an annual general assembly in Berlin.

In March, the association had estimated its members would post a loss of around 2.8 billion dollars this year, following a massive drop of 9.4 billion dollars in 2009.

Bisignani said the sector would thus post its first profits since 2007, but added that "with a margin of 0.5 percent it will be a modest party."

© 2010 AFP

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