The International Air Transport Association says airlines will see net profits of $15.1 billion in 2010 due to a better-than-expected economic recovery and strong growth in Asia. In September, IATA had predicted an $8.9 billion industry profit this year. IATA chief economist Brian Pearce says «2011 is going to be a much more challenging period» as heavy debts and added taxes weigh on consumer travel spending in North America and Europe. The Geneva-based group representing some 230 international airlines forecasts net profits of $9.1 billion for the industry in 2011. IATA Chief Executive Giovanni Bisignani told a news conference Tuesday that profit margins remain low and pose a threat to the industry in case of another economic shock, according to a report of the Associated Press.
