Originally Posted by
jday
All the signs of cost cutting. Reduced revenue and increased profit.
Not really - since this has been picked up by a few posts I'd highlight a few quotes:
The key factor given for revenues was "passenger yields decreased on leisure routes with the shift in Easter from March last year to April this year, partially offset by improvements in corporate bookings."
And for costs: "Non-fuel unit costs ... up 1.4 per cent at constant currency" so the bigger factor, not cost cutting, was "fuel unit costs down 16.1 per cent" but yes indeed "employee unit costs improved 2.6 per cent with salary awards more than offset by efficiency initiatives achieved by all airlines."
The decline in fuel prices was probably also a drag on revenue, not related to demand.