June 14, 2010

After experiencing a $10 billion loss in 2009, airlines will post a global profit of $2.5 billion this year, giving the global airline industry its first profit in three years, the International Air Transport Association (IATA) predicted last week, when it released its latest forecast.

According to IATA — which as recently as March predicted a $2.8 billion loss for this year — industry revenues are expected to be $545 billion in 2010, which is up from $483 billion in 2009, but still down from $564 billion in 2008.

“The global economy is recovering from the depths of the financial crisis much more quickly than could have been anticipated,” IATA Director General and CEO Giovanni Bisignani said in a statement. “Airlines are benefiting from a strong traffic rebound that is pushing the industry into the black. We thought that it would take at least three years to recover the $81 billion (14.3 percent) drop in revenues in 2009. But the $62 billion top line improvement this year puts us about 75 percent on the way to pre-crisis levels.”

This could represent the turning point in pilot recruitment, and the demand for those suitably such as JAA License holders in very high demand.