SINGAPORE (AP) - Global airlines have rebounded faster than expected from the recession after losing nearly $26 billion over 2008 and 2009, the industry association said yesterday, raising its profit forecast for this year.

The International Air Transport Association (IATA) said airline profits for 2010 will likely total $8.9 billion on revenue of $560 billion, more than the group's forecast in June of $2.5 billion profit on sales of $545 billion.

"This is a significant improvement, but not enough for a big celebration," IATA chief executive Giovanni Bisignani said at a news conference in Singapore.

The global economy, led by Asia, has made a quicker recovery from last year's recession than the IATA expected, helping to boost passenger numbers and cargo.