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Importantly, IATA recently revised its forecast for 2007 upward from an industry profit of US$5.1 billion to US$5.6 billion.

 IATA represents over 240 airlines comprising 94 per cent of international scheduled air traffic.

 International air freight demand grew 6 per cent in August, its strongest rate of growth for 16 months. Growth for the year-to-date is 3.9 per cent.

 "While the credit crunch clearly shook both business and consumer confidence in August, demand for air travel remained solid with record high load factors for August. This, combined with strong revenues over the first half of the year, is behind our improved industry profitability forecast of US$5.6 billion for 2007. None-the-less, the industry's financial situation remains fragile and the potential for weakening demand must continue to be met with improved efficiency across the value chain," said Giovanni Bisignani, IATA's Director General and CEO.

 "The trend of increasing load factors is a concrete example of how aviation's business and environmental goals are aligned with efficiency as a common denominator. As governments continue to squabble over emissions trading in the aftermath of the triennial Assembly of the International Civil Aviation Organization, the industry is getting on with the business of meeting consumer demand with ever-improving environmental performance," said Bisignani.

- The Nation