By Jeff Reeves of InvestorPlace
Airlines have been in a tailspin for the past year, but thanks to growth in emerging markets, it appears that major carriers could be pulling out of their gut-wrenching dive -- this week, the International Air Transport Association lowered its expected total airline losses for 2009 from $11 billion to $9.4 billion.
Being in the red is still not good news, but the improvement shows that the airline industry could be on the mend. That presents some opportunities for investors. Following are five Asian and Latin American airlines to consider that are capitalizing on these trends: