SINGAPORE (AP) -- After six years of losing money, the global airline business is expected to be profitable in 2007, a top aviation official said Wednesday, and Asia will spearhead the industry's future growth.

By 2010, Asia will become the world's largest aviation market, accounting for one-third of the world's air traffic, said Giovanni Bisignani, the International Air Transport Association's director general and chief executive. "Aviation is the world's most exciting industry and Asia is the region that is going to drive it forward," Mr. Bisignani said in a lecture. "Asia's growing importance is clearly defining a new leadership role in all aspects of the industry."

Mr. Bisignani said the Geneva-based IATA, the governing body that regulates international air transport, expects the global airline industry to make a combined net profit of $3.8 billion this year.

The industry had suffered six years of losses, amounting to more than $40 billion over that time, as airlines were hit a lull in travel after the Sept. 11, 2001, terrorist attacks, high jet fuel prices and health scares like SARS.

European airlines would account for $2.4 billion of the group's profit forecast, while Asia-Pacific airlines would make up $1.7 billion. The profit is largely due to higher traffic.

But North American airlines would likely lose a combined $600 million this year, the group said, citing high restructuring costs.