Despite a major oil bust and the weakening currency that followed, Canada’s airlines continue to plod along. Make no mistake, macro issues are leaving a mark on the earnings reports of Air Canada and WestJet, but the story is more about resiliency than infirmity.
Meanwhile, a similar story—one that also includes an oil bust, a weak currency and nonetheless profitable airlines—is playing out in Mexico, where its four airlines of size (Aeroméxico, Volaris, Interjet and VivaAerobus) posted mixed results. We finish with three other stories of survival. Avianca is surviving exposure to the Brazilian and Venezuelan economies. Aeroflot is surviving its country’s own oil and currency bust. And Israel’s El Al is surviving competitive threats from Turkish Airlines, Aeroflot and Hainan Airlines.