Fifteen Billion Dollars! This Is The Sharply upgraded estimate IATA made in mid-December for 2010 global airline industry earnings. Why? "The power of China is driving this forward," outgoing IATA DG and CEO Giovanni Bisignani asserted, noting that half of last year's profit came from Asia/ Pacific airlines benefiting from the resurgence of China after its brief slowdown. China's airlines are the direct beneficiaries and they are regaining cruising altitude rapidly. In aggregate they had net income of CNY33.97 billion ($5.1 billion) for the first 11 months of 2010, CAAC reported, a more-than-fourfold increase over the net profit of CNY7.33 billion for the same period of 2009. It is noteworthy that the figure is far higher than the net profit of CNY9.4 billion posted for the whole of 2007, the peak earnings year of the last cycle.
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