+1, I have been unable to model growth with margin expansion in this business. Capacity growth is going to be 10-12% and revenues can grow mid teens. On top of that some or other excess costs can come in the P&L which can penalise the earnings. The last years base is so strong that it is hard for them to beat that from margins standpoint. One has to hold this through the cycle and expect the next peak will be substantially higher. Volatility is nature of airline business.
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