Airlines' 3Q2010 results suggest widespread recovery in profits: IATA

IATA released (01-Nov-2010) its Airlines Financial Monitor for Oct-2010, which provided the following financial updates of airline* profitability in 3Q2010:

• Operating profit: USD3730 million, +479.2% year-on-year;
  • North America: USD2222 million, +427.8%;
  • Asia Pacific: USD202 million, compared with a loss of USD23 million in p-c-p;
  • Europe: USD1306 million, +430.9%;
• Net profit: USD3256 million, compared to a loss of USD648 million in p-c-p;
  • North America: USD1903 million, compared with a loss of USD771 million in p-c-p;
  • Asia Pacific: n/a, compared with a profit of USD1 million in p-c-p;
  • Europe: USD1353 million, +1009%. [more]

IATA: "Whilst only a very small number of airlines (predominantly US) have announced their results for the July-September quarter the outcome has been dramatic. Against a weak economic background these US airlines in aggregate have reported operating profits similar to those at the peak of the cycle in 2007 demonstrating the extent of the structural changes that have occurred. Early results from European airlines also look encouraging. The 'mood music' for most of those yet to report from these and other regions suggests a widespread recovery in profits," IATA statement. Source: IATA, 01-Nov-2010.