In theory the answer is yes. But then you add all the fees and surcharges and the answer becomes roughly break even.

I remember calculating years ago, a flight that sold 100% of it's economy class seats at the seat sale price would break even. Now we know flights don't fly 100% full and airlines would like to make a profit. This calculation doesn't include any unscheduled maintenance and I don't think it included de-icing fluid.

As a rough guide double the lowest seat sale price(loonie fares and the like excluded) and that is a fair price for the airline to charge.

I have some aircraft operating costs at home I will post when I get a chance.