China is driving the largest airline earnings seen in the Asia-Pacific region, the aviation industry’s leading trade group said on Tuesday, as it sharply upgraded forecasts for 2010 global profits to a record $15.1bn.
The International Air Transport Association figure is the largest profit the industry has recorded and almost double the $8.9bn collective profit forecast only three months ago.
The improvement follows a “remarkable” turnround in the third quarter, prompted by a return of profitable business travellers and continued growth in air-cargo revenues, said Iata, which has also boosted its estimates of 2011 profits to just over $9bn, up from the $5.3bn it forecast in September.
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