Issue Summary

The earnings parade marches on. More airlines reported their calendar fourth results last week, including Japan’s two major airlines. In a break with pre-Covid norms, ANA is now outperforming its smaller and more internationally-focused rival JAL. In India, IndiGo continues to dominate the domestic scene but wants to become more international; more importantly, it’s delivering robust profits again. Forgive Korean Air if thinking that the pandemic was the best thing that ever happened to it. Its cargo business produced extraordinary profits during the crisis. Now its passenger business is coming back strong.