smp71,Three notes in reply:A) Margins are a factor of both cost...

smp71,

Three notes in reply:

A) Margins are a factor of both cost and revenue. Thus if your planes are full and you have relative pricing power your margins might increase irrespective of fuel/wages. IMO, QAN has been focussing too much on the cost line, rather than the revenue.

B) Highest c/ASK of all major airlines. On my figures that is untrue, I doubt you could substantiate it.

C) MAp, owner of Sydney airports lost $273m in the first half of this year which is over 4x the FY loss of VBA ($68m). I would thus argue that it is incorrect that Airports "make good money even in bad times"