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Updated Friday, March 12, 2010 11:03 am TWN, Bloomberg

Airline loss estimate halved to US$2.8 billion

GENEVA -- Airlines worldwide will lose a collective US$2.8 billion this year, half the previous forecast, as emerging markets lead a rebound in traffic, the International Air Transport Association said Thursday. IATA cut its loss estimate from US$5.6 billion following a “much stronger recovery in demand” in the final months of 2009 that continued into the first months of this year, the Geneva, Switzerland-based association said in a statement Thursday.

Losses last year probably amounted to US$9.4 billion rather than the US$11 billion previously estimated, IATA said. Traffic will increase about 5.6 percent in 2010, with the recovery in western markets lagging behind growth in emerging economies.

“We are seeing a definite two-speed industry,” IATA Chief Executive Officer Giovanni Bisignani said on a conference call. “Asia and Latin America are driving the recovery. The weakest international markets are the North Atlantic and intra-Europe, which have continuously contracted since mid-2008.”

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