Airlines have returned to profit and are forecasting that booming demand will push earnings even higher over the next year, in a striking turnround for one of the industries worst hit by the pandemic.
The world’s largest airlines reported $6.3bn in net profit in 2022, a striking reversal from a combined $40bn in losses over the previous two years, according to a Financial Times analysis of FactSet and Capital IQ data.
The figures cover eight of the 10 largest airlines by passenger numbers but exclude Chinese groups, which were still subject to travel restrictions in 2022.
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