AirbusCanada
Topic Author
Posts: 526
Joined: Mon Nov 15, 2004 5:14 am

World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 3:08 am

APPENDIX: OPERATING PROFITS BY AIRLINE
Top 25 Airlines by Operating Profitability, Fiscal Year 2005 (* = Fiscal Year 2004)
By Total Operating Profit
Rank Airline US$ m
1 FedEx * 1,414
2 British Airways 1,330
3 Air France-KLM 1,200
4 Lufthansa 877
5 Southwest 820
6 Emirates 786
7 All Nippon 776
8 Qantas * 775
9 Singapore Airlines 590
10 Cathay Pacific 533
11 Ryanair 459
12 Air China 458
13 Iberia 457
14 Air Canada 388
15 UPS Airlines 293
16 Thai Airlines 269
17 Gol Airlines 266
18 TAM 232
19 American Eagle 225
20 SkyWest 220
21 Korean Airlines 207
22 Virgin Blue 184
23 China Eastern *179
24 LAN Airlines 142
25 Asiana* 136


Rank by profit margin ( %)
1 Gol Airlines 23.3
2 Ryanair 21.8
3 Air Asia 18.9
4 COPA 17.3
5 Kenya Airlines 15.6
6 Philippine Airlines 13.7
7 DHL International * 12.5
8 Kalitta Air 12.3
9 Emirates 11.9
10 Mesa Airlines 11.7
11 American Eagle 11.3
12 SkyWest 11.2
13 Southwest 10.8
14 Jet Airways * 10.3
15 Air China 9.6
16 Virgin Blue 9.6
17 TAM 9.5
18 Singapore Airlines 9.1
19 Royal Jordanian 9.0
20 Qantas * 8.9
21 Atlantic Southeast 8.5
22 British Airways 8.3
23 Aer Lingus 8.2
24 Cathay Pacific 8.1
25 FedEx* 7.2
Source: Airclaims Financial Database, IATA


Does anyone see any pattern?
 
ikramerica
Posts: 13772
Joined: Mon May 23, 2005 9:33 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 3:13 am

That most of the pax carriers are the dominant carrier in their home nation, with all the incumbent benefits that go with that? (can't count WN, as the bulk of their profit came from fuel hedging, not airline operations)
Of all the things to worry about... the Wookie has no pants.
 
DavidT
Posts: 461
Joined: Tue Oct 04, 2005 1:37 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 3:15 am

Wow - BA top pax carrier (ahead of AF+KLM)! Good job guys!
 
Metropolitan
Posts: 50
Joined: Wed Feb 18, 2004 3:44 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 3:19 am

Do you have similar figures showing cashflow? I think that is a much better measurement than profit.
 
MaverickM11
Posts: 15326
Joined: Thu Apr 06, 2000 1:59 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 3:19 am

I believe airlines 1-14 on the profit margin list all had higher profit margins than Exxon Wink
E pur si muove -Galileo
 
2H4
Posts: 7960
Joined: Tue Oct 19, 2004 11:11 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 3:22 am




Quoting Ikramerica (Reply 1):
can't count WN, as the bulk of their profit came from fuel hedging, not airline operations

In the current state of the industry, fuel hedging is a very legitimate "airline operation".




2H4


Intentionally Left Blank
 
Spoke2Spoke
Posts: 170
Joined: Thu Oct 21, 2004 10:39 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 3:28 am

A wide variety of business strategies and bases of operations on this list. Thanks for posting.
...carelessness and overconfidence are usually far more dangerous than deliberately accepted risks. - Wilbur Wright
 
AirbusCanada
Topic Author
Posts: 526
Joined: Mon Nov 15, 2004 5:14 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 3:58 am

almost all the large International airlines that made the list are Mostly dominient single hub operators, eventhough some operate smaller secondary hub like AC(YUL, YVR) and QANTAS(MEL). I guess Hub and spoke still has it's advantages.
 
ikramerica
Posts: 13772
Joined: Mon May 23, 2005 9:33 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 5:06 am

Quoting 2H4 (Reply 5):
In the current state of the industry, fuel hedging is a very legitimate "airline operation".

No, it's not airline operations. It's wise management and investment of available resources (something other airlines didn't have at the time), but considering you are buying heating oil options to leverage against the future cost of JetA, fuel hedges are not part of the operation.

Was Apple computer's investments in stocks part of their operations? For a time, their market cap was very close to the value of their investments, making their computer business nearly worthless, yet they were showing profits. Good business decision, but not "computer related" business.
Of all the things to worry about... the Wookie has no pants.
 
boysteve
Posts: 887
Joined: Sun Apr 25, 2004 7:02 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 5:27 am

Quoting Metropolitan (Reply 3):
Do you have similar figures showing cashflow? I think that is a much better measurement than profit.

That depends on whether you are talking to your bank or your shareholders!
 
gh123
Posts: 645
Joined: Sun Aug 27, 2006 10:09 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 5:30 am

Go BA!!! Maybe the american airline companies need BA to buy them.
 
2H4
Posts: 7960
Joined: Tue Oct 19, 2004 11:11 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 5:32 am




Quoting Ikramerica (Reply 8):
No, it's not airline operations.

Semantics.

Given that, between 2003 and 2006, Southwest, Alaska, Airtran, Jetblue, American, US Airways, Frontier, Hawaiian, Delta, America West, ATA, Continental, Midwest, Northwest, and probably many others hedged fuel, the practice is increasingly becoming a very necessary "airline operation".




2H4


Intentionally Left Blank
 
jamincan
Posts: 572
Joined: Mon Aug 21, 2006 9:28 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 5:44 am

Quoting AirbusCanada (Reply 7):
almost all the large International airlines that made the list are Mostly dominient single hub operators, eventhough some operate smaller secondary hub like AC(YUL, YVR) and QANTAS(MEL). I guess Hub and spoke still has it's advantages.

LH: FRA and MUC
G3: CGH, SDU
AC: YYZ, YUL, YVR
QF: SYD, MEL
IB: MAD, BCN
AF/KL: CDG, AMS
NH: NRT, KIX, HND, ITM
JJ: CGH, GRU

There might be some errors there, but you get my point. Most of the countries that these airlines operate out of aren't geographically large enough to have more than one hub anyway.

I'm surprised to see two airlines from Brazil on the list, and I'm surprised that Japan Airlines is absent. AC's position as the only legacy carrier from NA on the list is also quite conspicuous.
 
cobra27
Posts: 939
Joined: Wed May 23, 2001 6:57 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 5:53 am

Nice list. Where did you get it?
 
LipeGIG
Posts: 5050
Joined: Tue May 03, 2005 7:33 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 8:14 am

Quoting Jamincan (Reply 12):
G3: CGH, SDU

CGH & GIG. SDU is only for the shuttle service Rio-Sao Paulo.

Gol profit margin is something incredible. Their market value is nowadays higher than US$ 6 billion, they will receive 5 new planes next month, and just received approval to fly LIM, CCS, MEX, BOG and SCL !

Go GOL !

Felipe
New York + Rio de Janeiro = One of the best combinations !
 
Geo772
Posts: 439
Joined: Thu Jul 15, 2004 11:40 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 1:45 pm

Quoting Metropolitan (Reply 3):
Do you have similar figures showing cashflow? I think that is a much better measurement than profit.

So by your reckoning you just need lots of cashflow. Which is daft, the better of the two charts is profit margin because that takes into account cashflow as well as profit.

Personally I would rather work for a carrier that is making money than one which isn't regardless of the cashflow.
Flown on A300B4/600,A319/20/21,A332/3,A343,B727,B732/3/4/5/6/7/8,B741/2/4,B752/3,B762/3,B772/3,DC10,L1011-200,VC10,MD80,
 
aeroplan73
Posts: 162
Joined: Mon May 15, 2006 4:59 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 1:48 pm

Quoting AirbusCanada (Thread starter):
Does anyone see any pattern?

Start dumping US legacy carrier stock ASAP?  duck 
I remember, the choices were chicken or fish. I had the lasagna.
 
baylorairbear
Posts: 2841
Joined: Wed Jan 26, 2005 5:25 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 1:55 pm

Quoting Aeroplan73 (Reply 16):
Start dumping US legacy carrier stock ASAP?

That's exactly what I was going to say. From an outsider's view point, I'm surprised to FedEx trumping UPS my a margin of nearly five to one, in profitability. I'd like to see how there land-based numbers match up.

BAB
I'm just skipping stones...
 
QFA380
Posts: 2013
Joined: Fri Jul 22, 2005 4:38 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 2:14 pm

Quoting Ikramerica (Reply 1):
That most of the pax carriers are the dominant carrier in their home nation

DJ is hardly the dominant Australian carrier. I was pleasently surprised to see them there.
 
Garri767
Posts: 2207
Joined: Sat Mar 26, 2005 2:00 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 2:18 pm

woah...so this is saying AA didnt even make the list? and American eagle has more profit then AA?  scratchchin 



i must be lost, someone correct me please Big grin


Garri767
Two wrongs may not make a right, but three lefts do!
 
Aviator27
Posts: 332
Joined: Wed Feb 01, 2006 1:09 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 2:32 pm

Fedex air operations is much larger than UPS air operations. In contrast, UPS ground operation is much larger than Fedex.
 
aeroc
Posts: 223
Joined: Thu Aug 05, 2004 9:05 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 2:41 pm

Quoting Garri767 (Reply 19):
woah...so this is saying AA didnt even make the list? and American eagle has more profit then AA?

As it seems Eagle has pulled AA not the other way around.
 
flydreamliner
Posts: 1928
Joined: Sat Jan 07, 2006 7:05 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 2:44 pm

Quoting MaverickM11 (Reply 4):
I believe airlines 1-14 on the profit margin list all had higher profit margins than Exxon Wink

When you are ringing up profits that are the highest in the entire history of commerce, it doesn't really matter. Fair to say, the oil business seems a bit more profitable than the airline business... in general.
"Let the world change you, and you can change the world"
 
ekgold
Posts: 192
Joined: Mon May 30, 2005 4:30 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 3:13 pm

Quoting Geo772 (Reply 15):
So by your reckoning you just need lots of cashflow. Which is daft, the better of the two charts is profit margin because that takes into account cashflow as well as profit.

Personally I would rather work for a carrier that is making money than one which isn't regardless of the cashflow.

Not so and be careful about how you define making money. Do you mean making money from profits or making it from cashflow? cash flow is a far better measure. Profits are a good measure but should not be looked at in isolation. A business generating positive cashflows from operations will always make profits. Do not confuse this with cashflows from financing operations ie loans, share capital and the likes. Restrict your view of cashflows to what the business is generating from its business and if its positive, then profits will always be made. Look then at what they do with those positive cashflows. Are they then reinvested into future earnings or simply paid out as dividends?

Profit can be affected by non cash items such as depreciation, amortisation and other balance sheet write offs that can be treated differently by each individual carrier, notwithstanding the accounting principles around the world are trying to be brought into line.

There are many businesses around the world that make profits but have gone bankrupt.. remember cash is king!
 
Devilfish
Posts: 5259
Joined: Tue Jan 24, 2006 7:52 am

RE: World�s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 3:26 pm

Quoting AirbusCanada (Thread starter):
Does anyone see any pattern?

Very obvious that the large carriers dominate the first list while smaller or LCCs hold sway in the second. I'm surprised to see PR high on the other category - so howevermuch others may denigrate their product, there's no taking away that they are led by a hard-nosed, no-nonsense businessman.

It's also noteworthy that Emirates ranked high in both, while BA, SQ and CX rated well in the first and also featured in the second.
"Everyone is entitled to my opinion." - Garfield
 
Oftwftwoab
Posts: 42
Joined: Sun Sep 05, 2004 4:53 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 3:41 pm

You should look at both cashflow and profit to get a complete picture, but I agree, cashflow is more important. A business with a positive cashflow will never go bust, regardless of whether it's making profits or not. But lots of businesses making profits but which have negative cashflow go bust - it's a very common danger facing new businesses, especially if they're rapidly growing.

A good example of the difference between profits and cashflow is Vodaphone, which makes massive losses every year, but also pays out massive dividends and has large share buy-back programs because it is a massive cash generator.

The reason is that the losses mainly arise from depreciation of the 'cost' of the Mannesmann purchase. But Vodaphone paid for Mannesman with its own shares, not cash.

Remember, profit is an accounting term - cash is reality.
 
RIHNOSAUR
Posts: 336
Joined: Sat Mar 11, 2006 5:05 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 4:44 pm

just wanted to add that the list is very interesting and informative,

and as pointed out before, that A Eagle is outperforming AA itself is quite something....
however the list clearly indicates how bad MAJOR US carriers are doing

I have this notion (and I am no guru in this at all, just wondering that's all) that at some fundamental level the main reason why MAJOR us carriers are in such a situation right now is because they have diversified their product too much.

What i mean is that they have tried to take on too much for what they really can. for example instead of trying to just do major hubs ..they try to do major hubs and small city to city and any other permutation of these two types of service... ..
instead of specializing in one type...hence why the regional and low cost carriers are doing better..
just wanted your thoughts and opinions on this...again i am not saying this is necessarily true, but wanted to see what people thought about this...

I am aware its in reality pretty complicated..but its worth thinking about possibilities
cheers
particles and waves are the same thing, but who knows what that thing is...
 
hardiwv
Posts: 4341
Joined: Sat Oct 09, 2004 11:30 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 5:09 pm

This makes GOL the most profitable (by margin) of the world. GOL is also the fastest growing airline in the world and the biggest Boeing operator in Latin America.

GO GOL!!

Rgs,
 
LPLAspotter
Posts: 671
Joined: Mon Jan 17, 2005 4:27 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 7:39 pm

Thanks for the post. I learned alot. I wouldn't have even come close.

LPLAspotter
Nuke the Gay Wales for Christ
 
Geo772
Posts: 439
Joined: Thu Jul 15, 2004 11:40 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 9:32 pm

Quoting EKGOLD (Reply 23):

I must admit I was a bit sleepy when I made that post.
I do realise that profit is not the only thing that drives the overall financial health of a company. Clever management of assets, debts and the like all help make a healthy balance sheet.
I do like to look beyond the basic published figures to see where money/value is made and lost but the list at the top is still intesting to look at from a laymans point of view.
Flown on A300B4/600,A319/20/21,A332/3,A343,B727,B732/3/4/5/6/7/8,B741/2/4,B752/3,B762/3,B772/3,DC10,L1011-200,VC10,MD80,
 
steve6666
Posts: 449
Joined: Thu Sep 04, 2003 1:58 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 10:00 pm

Quoting Oftwftwoab (Reply 25):
cashflow is more important

If that's the case, why is the income statement shown first under any GAAP worth speaking of, and the cash flow statement shown last, after the Balance Sheet?

Operating Profit margin is a somewhat uninsightful measure in this context as it reflects different cost structures in different jurisdictions. Return on Capital Employed would be a better measure of relative efficiency.

And fuel hedging is definitively a financing transaction.
A306, A318, A319, A320, A321, A332, A333, A343, A346, A388, B722, B732, B733, B734, B735, B73G, B738, B742, B744, B752, B753, B762, B763, B764, B772, B773, B77W, B787-8, BAe-146, Cessna Something, DC-10, E175, E195, ERJ145, MD-11, MD-80, PA Something
 
787kq
Posts: 377
Joined: Wed Mar 08, 2006 6:52 am

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 10:15 pm

Why not rank them by net profit, the real bottom line. Do you have those figures?
 
airbazar
Posts: 6953
Joined: Wed Sep 10, 2003 11:12 pm

RE: World’s Top 25 Airlines By Profit(2005):

Tue Aug 29, 2006 11:50 pm

Quoting Jamincan (Reply 12):
LH: FRA and MUC
G3: CGH, SDU
AC: YYZ, YUL, YVR
QF: SYD, MEL
IB: MAD, BCN
AF/KL: CDG, AMS
NH: NRT, KIX, HND, ITM
JJ: CGH, GRU

QF also operates a hub at SIN.
 
steeler83
Posts: 7391
Joined: Sat Feb 25, 2006 2:06 pm

RE: World’s Top 25 Airlines By Profit(2005):

Wed Aug 30, 2006 12:02 am

Quoting AirbusCanada (Thread starter):
Does anyone see any pattern?

I noticed that for the US Legacy carriers on the first list, their regional counterparts were having the most profit, as opposed to their mainline ops:

American Eagle... duh...
Atlantic Southeast (DL)
Mesa (UA, US)
Skywest (I forget which airline they op for)

Quoting Aeroplan73 (Reply 16):
Start dumping US legacy carrier stock ASAP?

 rotfl 

Quoting DEVILFISH (Reply 24):
Very obvious that the large carriers dominate the first list while smaller or LCCs hold sway in the second.

I didn't notice that at first, but after a second look I noticed that as well
Do not bring stranger girt into your room. The stranger girt is dangerous, it will hurt your life.
 
StarGoldLHR
Posts: 1346
Joined: Mon Feb 16, 2004 1:29 am

RE: World’s Top 25 Airlines By Profit(2005):

Wed Aug 30, 2006 12:50 am

The legacy's problems will come in the future when it comes to Europe.


BA, LH etc are making $1bn profit oh wow.. but thats only 4x A380s.
They have 60 747's all aging upto 15 years now.

BA needs 10 more years of these figures and adjusted for inflation to be able to undertake fleet replacement... otherwise it's back to the bank we go..
So far in 2008 45 flights and Gold already. JFK, IAD, LGA, SIN, HKG, NRT, AKL, PPT, LAX still to book ! Home Airport LCY
 
Historic747
Posts: 191
Joined: Thu Jul 27, 2006 10:55 am

RE: World’s Top 25 Airlines By Profit(2005):

Wed Aug 30, 2006 3:22 am

Quoting 2H4 (Reply 5):
In the current state of the industry, fuel hedging is a very legitimate "airline operation".

Not necessarily. It is a good management technique that in extreme cases can be used for speculation too. It will alway be debatable where that line item should fall.

The above numbers should be compared on an apple to apple basis. If not one could end up with a lot of noise in the data. Many airlines record one off gains/loss in the 'operating' section especially those in Asia where disclosures are less stringent than in the US. BA looks way off to me. I have some very accurate numbers for US and Asian carriers which I will try to post if permitted.
 
PHKLM
Posts: 788
Joined: Mon Dec 26, 2005 7:28 pm

RE: World’s Top 25 Airlines By Profit(2005):

Wed Aug 30, 2006 3:26 am

Quoting StarGoldLHR (Reply 34):

BA, LH etc are making $1bn profit oh wow.. but thats only 4x A380s.
They have 60 747's all aging upto 15 years now.

BA needs 10 more years of these figures and adjusted for inflation to be able to undertake fleet replacement... otherwise it's back to the bank we go..

Hope you're not in charge of any airline ops. Ever considered these carriers might very well lease those planes? Ever seen a person from BA flying to Seatlle with a few suitcases of cash?
15 years for a 744 is nothing, those birds are not even close to their maximum number of cycles. Furthermore, at the moment there isn't even a viable replacement for the 744.
Last but not least, fleet replacement always takes place very gradually; money coming from operations is used to pay leasing contracts. Net profit doesn't say anything about the ability of an airline to purchase new aircraft, because profit is an amount of money that is left AFTER all costs associated with fleet renewal are deducted.
 
User avatar
United787
Posts: 2212
Joined: Fri May 20, 2005 12:20 pm

RE: World’s Top 25 Airlines By Profit(2005):

Wed Aug 30, 2006 3:33 am

I will be curious to see this same list for fiscal year 2006, when completed. I wonder if some of the American Legacies will make it.
 
robsawatsky
Posts: 477
Joined: Thu Dec 18, 2003 7:07 am

RE: World’s Top 25 Airlines By Profit(2005):

Wed Aug 30, 2006 4:59 am

Quoting Oftwftwoab (Reply 25):
You should look at both cashflow and profit to get a complete picture, but I agree, cashflow is more important. A business with a positive cashflow will never go bust, regardless of whether it's making profits or not. But lots of businesses making profits but which have negative cashflow go bust - it's a very common danger facing new businesses, especially if they're rapidly growing.

A good example of the difference between profits and cashflow is Vodaphone, which makes massive losses every year, but also pays out massive dividends and has large share buy-back programs because it is a massive cash generator.

Actual what is needed is a throrough analysis of the financial statements in their entirety. First by taking into consideration extraordinary items that mask the revenue/expenditures related to operations. Then looking at revenues for trends and patterns. A pyramid scheme generates tremendous cash-flows for a period of time, but ultimately is a non-viable business. A business with positive cash-flow in 1 reporting period can just as easily have negative cash flows the next, so it is no indicator of the future potential to "go bust" or not, it is only an indicator that business may be looked at positively in the face of a reported net loss at that particular moment in time.
 
MRURUN
Posts: 147
Joined: Mon Aug 21, 2006 7:17 pm

RE: World’s Top 25 Airlines By Profit(2005):

Wed Aug 30, 2006 5:12 am

Quoting StarGoldLHR (Reply 34):
otherwise it's back to the bank we go..

You mean like CO 'reusing' their 757's across the atlantic? We have already seen BA boost their recent L/H expansion by reuse of their 76's from S/H and placing them on less profitable North America/East Africa routes.

Quoting Historic747 (Reply 35):
BA looks way off to me.

Why? Looks right to me, a huge operating profit but a very low margin.
 
Historic747
Posts: 191
Joined: Thu Jul 27, 2006 10:55 am

RE: World’s Top 25 Airlines By Profit(2005):

Wed Aug 30, 2006 6:11 am

Quoting MRURUN (Reply 39):
Why? Looks right to me, a huge operating profit but a very low margin.

Just had a look at their annual report year ending Mar'06 and yes you are right, the numbers look fair enough and comparable.

regrds
 
User avatar
HAWK21M
Posts: 29867
Joined: Fri Jan 05, 2001 10:05 pm

RE: World’s Top 25 Airlines By Profit(2005):

Wed Aug 30, 2006 6:10 pm

DHL International * 12.5
 bigthumbsup 
regds
MEL
I may not win often, but I damn well never lose!!! ;)
 
VHVXB
Posts: 5309
Joined: Tue Apr 25, 2006 7:54 pm

RE: World’s Top 25 Airlines By Profit(2005):

Wed Aug 30, 2006 7:03 pm

Quoting QFA380 (Reply 18):
DJ is hardly the dominant Australian carrier. I was pleasently surprised to see them there.

Well there are only 2 major carriers in the Australian market QF and DJ.
 
ConcordeLoss
Posts: 376
Joined: Sun Nov 02, 2003 11:50 pm

RE: World’s Top 25 Airlines By Profit(2005):

Wed Aug 30, 2006 8:41 pm

I am surprised that RJ has made the list.

Any thoughts on this?
"You're not as stupid as you look, or sound, or our best test indicates" Burns to Homer
 
vv701
Posts: 5783
Joined: Fri Aug 19, 2005 10:54 am

RE: World’s Top 25 Airlines By Profit(2005):

Thu Aug 31, 2006 4:31 am

Quoting Airbazar (Reply 32):
Quoting Jamincan (Reply 12):
LH: FRA and MUC
G3: CGH, SDU
AC: YYZ, YUL, YVR
QF: SYD, MEL
IB: MAD, BCN
AF/KL: CDG, AMS
NH: NRT, KIX, HND, ITM
JJ: CGH, GRU

QF also operates a hub at SIN.

BA: LHR, LGW