If IATA's financial forecast for 2010-11 turns out to be accurate (see cover story, p. 26), the airline industry just enjoyed a record net profit. So why aren't more people smiling? Could it be because by the time anyone realized there was a party going on it was already half over? IATA is predicting that earnings will fall 40% next year on higher oil prices, stable yields and more capacity, meaning the up cycle may have peaked in its first year.
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