Issue Summary

The majority of airlines have now reported for the second quarter, and four in particular stand out. Copa, Thai Airways, Philippine Airlines, and IndiGo all achieved operating margins exceeding 20%, thus leading the industry in profitability. Copa’s position at the top is no surprise given its track record. IndiGo’s success is hardly shocking, given the demise of rival Go First. Besides, India's market is growing fast. But what’s up with Thai Airways and Philippine Airlines? It’s not even peak season in Southeast Asia. But it is a time of extreme passenger demand revival throughout East Asia, especially on longhaul routes…