| Financial performance of the world's top 50 passenger airlines ranked by sales -1997 in US$ million - revised 1 August 1998 | |||||||||
| Group/Airline | Sales ($m) | Operating profit/loss | Operating margin | Net profit/loss | Year end | ||||
| 1997 | change | 1997 | 1997 | 1996 | 1997 | 1996 | |||
| 1 | AMR/American Airlines | 18,570 | 4.6% | 1,926.0 | 10.4% | 10.4% | 985.0 | 1,016.0 | Dec-97 |
| 2 | United Airlines | 17,378 | 6.2% | 2,246.0 | 12.9% | 11.0% | 949.0 | 533.0 | Dec-97 |
| 3 | British Airways | 14,167 | 3.4% | 826.2 | 5.8% | 8.1% | 754.1 | 876.4 | Mar-98 |
| 4 | Delta Air Lines | 13,946 | 7.7% | 1,680.0 | 12.0% | 10.8% | 934.0 | 248.0 | Dec-97 |
| 5 | Lufthansa | 13,354 | 11.0% | 931.7 | 7.0% | 3.2% | 481.5 | 370.9 | Dec-97 |
| 6 | Northwest Airlines | 10,226 | 3.5% | 1,157.2 | 11.3% | 13.1% | 596.5 | 536.1 | Dec-97 |
| 7 | Air France Group | 10,187 | 9.2% | 413.9 | 4.1% | 0.3% | 314.4 | -28.0 | Mar-98 |
| 8 | Japan Airlines | 9,937 | 2.0% | 252.6 | 2.5% | 0.4% | -767.3 | -82.0 | Mar-98 |
| 9 | US Airways Group | 8,501 | 10.4% | 701.2 | 8.2% | 7.3% | 1,052.0 | 263.4 | Dec-97 |
| 10 | All Nippon Airways | 7,416 | 2.6% | 5.3 | 0.1% | 2.0% | -21.8 | 34.8 | Mar-98 |
| 11 | SAirGroup/Swissair | 7,277 | 28.5% | 453.6 | 6.2% | 4.2% | 223.4 | -402.2 | Dec-97 |
| 12 | Continental Airlines | 7,213 | 13.4% | 842.0 | 11.7% | 9.8% | 385.0 | 319.0 | Dec-97 |
| 13 | KLM | 6,682 | 29.0% | 405.5 | 6.1% | 1.1% | 303.0 | -33.3 | Mar-98 |
| 14 | Qantas Airways | 6,131 | 3.1% | 404.7 | 6.6% | 6.6% | 197.7 | 186.4 | Jun-97 |
| 15 | Gruppo Alitalia | 5,232 | 8.2% | 202.9 | 3.9% | 0.8% | 255.9 | -779.5 | Dec-97 |
| 16 | SAS Group | 5,097 | 10.6% | 312.0 | 6.1% | 5.4% | 282.8 | 264.8 | Dec-97 |
| 17 | Singapore Airlines Group | 4,983 | 7.0% | 644.3 | 12.9% | 12.4% | 670.1 | 730.7 | Mar-98 |
| 18 | Korean Air Lines | 4,569 | 17.0% | 384.8 | 8.4% | 0.6% | -422.8 | -261.5 | Dec-97 |
| 19 | Iberia | 4,171 | 10.0% | 268.7 | 6.4% | 6.0% | 109.9 | 23.3 | Dec-97 |
| 20 | Air Canada | 4,024 | 14.2% | 265.8 | 6.6% | 4.4% | 308.4 | 109.3 | Dec-97 |
| 21 | Cathay Pacific Group | 3,960 | -2.9% | 310.2 | 7.8% | 12.0% | 218.9 | 492.5 | Dec-97 |
| 22 | Southwest Airlines | 3,817 | 12.1% | 524.2 | 13.7% | 10.3% | 317.8 | 207.3 | Dec-97 |
| 23 | Varig | 3,717 | 16.3% | 149.9 | 4.0% | 1.2% | 221.2 | -63.7 | Dec-97 |
| 24 | Trans World Airlines | 3,328 | -6.4% | -25.1 | -0.8% | -2.9% | -110.8 | -284.8 | Dec-97 |
| 25 | Thai Airways International | 3,101 | 8.5% | 324.5 | 10.5% | 11.1% | 101.2 | 133.9 | Sep-97 |
| 26 | Japan Air System | 2,651 | 2.1% | na | -0.4% | -0.1% | -12.8 | 1.6 | Mar-98 |
| 27 | Ansett Australia Holdings | 2,611 | 1.1% | 6.0 | 0.2% | -0.6% | -27.4 | 43.5 | Jun-97 |
| 28 | Saudi Arabian Airlines | 2,512 | 0.5% | 159.2 | 6.3% | 5.6% | -96.9 | -166.5 | Dec-96 |
| 29 | Cintra | 2,352 | 6.2% | 261.9 | 11.1% | 10.6% | 243.5 | 271.6 | Dec-97 |
| 30 | Canadian Airlines | 2,221 | -0.7% | 70.1 | 3.2% | -3.0% | 3.9 | -137.2 | Dec-97 |
| 31 | Malaysian Airline System | 2,217 | 8.7% | -70.9 | -3.2% | 5.4% | -80.7 | 133.7 | Mar-98 |
| 32 | Air New Zealand | 2,039 | -2.3% | 129.9 | 6.4% | 8.6% | 104.5 | 150.3 | Jun-97 |
| 33 | Sabena | 2,012 | 6.6% | 17.2 | 0.9% | -5.6% | -70.3 | -286.4 | Dec-97 |
| 34 | America West Holdings | 1,875 | 7.8% | 161.8 | 8.6% | 7.7% | 75.0 | 8.5 | Dec-97 |
| 35 | Alaska Air Group | 1,739 | 9.2% | 139.0 | 8.0% | 5.6% | 72.4 | 38.0 | Dec-97 |
| 36 | China Airlines | 1,731 | 10.0% | 0.6 | 3.3% | 3.0% | 72.8 | 57.9 | Dec-97 |
| 37 | Vasp | 1,667 | 32.2% | 203.8 | 12.2% | 3.7% | 44.8 | 154.6 | Dec-97 |
| 38 | Austrian Airlines Group | 1,597 | 33.9% | 40.9 | 2.6% | -0.5% | 52.1 | 40.9 | Dec-97 |
| 39 | Garuda Indonesia | 1,571 | 10.1% | -193.0 | -12.3% | -11.3% | 66.5 | 1.7 | Dec-97 |
| 40 | China Southern Airlines | 1,537 | 12.6% | 281.8 | 18.3% | 18.1% | 136.7 | 87.2 | Dec-97 |
| 41 | Finnair | 1,509 | 8.8% | 113.3 | 7.5% | 4.4% | 95.4 | 68.8 | Mar-98 |
| 42 | Aeroflot - RIA | 1,478 | 12.9% | 52.6 | 3.6% | 2.4% | 49.0 | 24.3 | Dec-97 |
| 43 | Asiana | 1,454 | 13.2% | -5.3 | -0.4% | 4.4% | -424.6 | -67.2 | Dec-97 |
| 44 | South African Airways | 1,393 | 3.5% | -6.9 | -0.5% | -2.3% | -60.1 | -89.4 | Mar-98 |
| 45 | Turkish Airlines | 1,354 | -1.0% | -18.9 | -1.4% | 6.7% | 18.8 | 53.3 | Dec-97 |
| 46 | Air China | e1300 | na | na | na | na | na | na | Dec-95 |
| 47 | EVA Air | 1,293 | 0.9% | 105.9 | 8.2% | 7.7% | 29.7 | 17.1 | Dec-97 |
| 48 | El Al | 1,219 | 2.0% | -6.1 | -0.5% | -6.6% | -4.2 | -83.0 | Dec-97 |
| 49 | Emirates Group | 1,208 | 23.7% | 133.8 | 11.1% | 8.4% | 101.1 | 52.9 | Mar-98 |
| 50 | Philippine Airlines | 1,184 | 12.3% | -29.3 | -2.5% | -3.5% | -95.4 | -85.3 | Mar-97 |
| TOTAL RANKING | 239,408 | 2.6% | 17,155 | 7.3% | 5.9% | 8,633 | 4,702 | ||
| Notes regarding Top 50 | |
| Airline/Group | Notes |
| AMR/American Airlines | 1996 net profit of $854m before Sabre sale and Canadian write-off |
| United Airlines | Op profits exclude ESOP costs of $320m in1997 $197m in 1996 |
| British Airways | Op profit excludes £127m restructuring charge |
| Delta Air Lines | Op profit excludes charge of $52m in 1997 and $829m 1996 |
| Northwest Airlines | Op profit excludes ESOP cost of $243m in 1996 |
| Air France Group | Air France Express now absorbed within group |
| Japan Airlines | Write-offs in 1997/8 of ´113.5bn. Results for parent airline company only |
| US Airways Group | 1997 net profit $493.6m before gain/disposas. Op profit before $115m charge |
| All Nippon Airways | Results for company only, group result not available. |
| SAirGroup/Swissair | Exceptional items of SFr739m in 1996 to cover Sabena write-down |
| Continental Airlines | Profit excludes employee bonuses of $126m in 1997 and $97m in 1996 |
| KLM | 1997 net profit of DFl606bn before gains on share sale (DFl1.6bn) |
| Gruppo Alitalia | Restructuring charge L901bn in 1996. Net gain on disposals L362bn in 1997 |
| Trans World Airlines | Operating profit excludes special fleet charges of $86m in 1996 |
| Saudi Arabian Airlines | Latest preliminary figures for 1996. Latest published 1994 |
| Cintra | Holding company for Aeromexico, Mexicana and Aero Peru |
| America West Holdings | Operating profit excludes special charge of $65m in 1996 |
| China Airlines | Preliminary figures |
| Garuda Indonesia | Preliminary estimates issued by airline |
| Aeroflot - RIA | Pre-tax profit 1997 before extraordinary item was Rb283m |
| South African Airways | Preliminary figures |
| Turkish Airlines | IATA estimates in US dollar terms |
| Air China | Latest available figures are estimates for 1995 |
| El Al | All figures in US dollar terms |
| Emirates Group | Group includes DNATA travel business |
| Group/Airline | Sales ($m) | Operating profit/loss | Operating margin | Net profit/loss | Year end | |||
| 1997 | change | 1997 | 1997 | 1996 | 1997 | 1996 | ||
| IATA AND ICAO FINANCIAL RESULTS | ||||||||
| IATA international services | 145,700 | 5.9% | 8,200.0 | 5.6% | 4.3% | 5,000.0 | 3,000.0 | |
| IATA corporate results | 272,900 | 2.8% | 16,200.0 | 5.9% | 4.7% | 7,200.0 | 4,200.0 | |
| ICAO preliminary results | 291,000 | 3.0% | 16,500.0 | 5.7% | 4.4% | na | 5,300.0 | |
| NEAR MISSES | ||||||||
| TAP Air Portugal | 1,091 | 12.7% | 46.4 | 4.3% | 5.2% | 8.5 | -69.3 | Dec-97 |
| Aer Lingus | 1,046 | 15.0% | 60.0 | 5.7% | 6.0% | 53.6 | 50.1 | Dec-97 |
| Gulf Air | 1,030 | -1.7% | 8.2 | 8.0% | -5.5% | 48.0 | -87.5 | Dec-97 |
| China Eastern | 1,028 | 17.7% | 173.0 | 16.8% | 19.8% | 76.2 | 70.9 | Dec-97 |
| Air India | e1,000 | na | na | na | -6.4% | -85.0 | -87.5 | Mar-98 |
| Aerolineas Argentinas | 998 | 5.4% | -5.8 | -0.6% | -6.7% | 2.8 | -66.0 | Dec-97 |
| Olympic Airways | 990 | 13.3% | na | na | na | 60.0 | 46.6 | Dec-97 |
| LanChile | 970 | 39.8% | 82.9 | 8.5% | 6.7% | 64.1 | 38.3 | Dec-97 |
| Indian Airlines | e942 | na | 71.8 | na | na | 13.5 | 0.0 | Mar-98 |
| British Midland | 868 | 10.7% | 27.4 | 3.2% | 1.3% | 27.4 | 9.7 | Dec-97 |
| Pakistan International Airlines | 843 | 19.0% | -2.0 | -0.2% | 1.3% | -123.4 | 2.0 | Jun-97 |
Source: Flight International
