IATA ups forecast of all airlines' 2007 profits to 3.8 bln usd - UPDATE |
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Wed, 04 Apr 2007 09:18
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SINGAPORE (XFN-ASIA) - The International Air Transport Association (IATA) has raised its forecast of net profit for the global airline industry for this year to 3.8 bln usd from 2.5 bln usd because of greater-than-expected air traffic, the association said.'After six years and over 40 bln usd in losses, this year will see the industry return to profitability. We are raising our profit outlook for 2007 to 3.8 bln usd,' IATA director-general and chief executive Giovanni Bisignani told a conference here.For next year, IATA expects the industry's net profits to rise to 7.6 bln usd on assumptions of faster growth in the US and slightly lower oil prices.Bisignani again called for liberalization of the industry, urging Asia to take the lead.'There is no reason why Asia cannot achieve what the US and Europe have failed to -- an open aviation area with liberalized ownership rules,' he said.Aviation in Asia plays a big part of the industry, IATA said.'By 2010 intra-Asia traffic will be the largest market in the world and over a third of the world's traffic will be to, from or within Asia,' Bisignani said,'In 2010, Asian airports will have to handle 250 mln more passengers than today,' he added.(1 usd = 1.51 sgd)singapore@xfn.com
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IATA ups forecast of all airlines' 2007 profits to 3.8 bln usd from 2.5 bln usd 