The global aviation industry has returned to profitability, including North American carriers, which are forecast to collectively make $1.9bn in 2010, according to the International Air Transport Association.

IATA said it has revised upward its forecasts from March, with the global industry projected to make $2.5bn for the year. That's a huge swing from the $2.8bn loss IATA projected only three months ago.

Headlining the expected profit for the industry are Asia-Pacific carriers, who are now projected to make $2.2bn in 2010. Pulling down the global forecast are European carriers, projected to lose $2.8bn this year.

Cargo demand is expected to increase 18 percent (up from 12.5 percent projected in March) while total revenue for airlines has been revised upward marginally, from $522bn in March to $545bn in June.

That has led IATA to project an 0.5-percent profit margin for the industry for 2010.

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