Issue Summary

Airlines from Thailand, South Korea, and Turkey headlined the earnings parade last week, offering mixed messages on the recovery. Travelers are clearly returning to the beaches and cities of Thailand, though not yet in sufficient quantity to deliver profits for airlines like Thai Airways, Bangkok Airways, and Thai AirAsia. The Istanbul-based low-cost carrier Pegasus fared better, but not as well as its larger rival Turkish Airlines. In Seoul, Asiana joined its prospective merger partner Korean Air in reporting solid second quarter operating profits. But Asiana’s net result was negative, tarnished by a scourge challenging many airlines right now: the strong…