IATA: Maybe things aren't so bad after all...

IATA is out with the latest numbers, and profits are on the way... up.

IATA estimates profits of £1.7bn in 2010, with an upturn from last year. This is in comparison with March when they predicted a $2.8bn loss.

Director of IATA Giovanni Bisignani said

"The global economy is recovering... much more quickly than could have been anticipated,"

"We thought that it would take at least three years to recover the $81 billion (14.3%) drop in revenues in 2009," he added.

"But the $62bn top-line improvement this year puts us about 75% on the way to pre-crisis levels."

The recovery is being lead by Asia, with Europe holding up the rear due to slow growth, and of course the universal get out cause - the Icelandic Volcano.

If anything IATA aren't worried about another eruption, or the markets crashing, but the increasing price of oil

Now for air travellers, that could really be painful...

IATA Numbers are out... and they make bad reading...

... and guess what's to blame? Of course, it's our old friend, Eyjafjallajökull the Icelandic Volcano.

Traffic is down 2.4% in April on international traffic, whilst European traffic is down 11.7% (From a 6.2% increase).

IATA's director general and CEO Giovanni Bisignani knocked out these quotes:

"The ash crisis knocked back the global recovery - impacting carriers in all regions. Last month, we were within 1 percent of pre-crisis traffic levels in 2008. In April, that was pushed back to 7 percent,"

"European carriers bore the worst of the volcano's impact. Their 11.7 percent drop in passenger traffic could not have come at a worse time. Europe's slow recovery from the global financial crisis and its currency crisis are already a huge burden on the profitability of its airlines," he said.

"The uncoordinated and excessive cancellations and unfairly onerous passenger care requirements rubbed salt into the European industry's wounds"

Well it may had been uncoordinated, but it's safety first - ok - the rules have changed as there has been more experience and knowledge gained through it.

After all, operators wouldn't want to put profits ahead of lives... would they?