Looks like some airlines in Europe are doing a little better:
This from Flight International Nov 5 2002:


Lufthansa has reported a 172% increase in operating profits for the first nine months of the year to €790 million ($790 million), exceeding its €500 profit forecast for the full financial year. Revenues rose by 2.7% to €12.6 billion, while net profit more than quadrupled from €65 million to €344 million. Lufthansa is now forecasting a full-year operating result of €700-750 million.

Lufthansa chairman and chief executive Jurgen Weber says: "In the deepest crisis of the aviation industry Lufthansa succeeded in protecting its group of companies against a serious threat to its very existence, maintaining the quality of its offerings at a high level, remaining profitable, and, as a result, securing jobs and even creating perspectives for the creation of new jobs."

Lufthansa warns it faces 'greater risks in the final three months the year. The stagnating economy, political instability and a decline in business travel'. It says the large union wage claims coupled with proposed tax plans of Germany's new government also threatens the airline's financial performance. Weber says: 'A whole wave of discriminations will hit German airlines if these plans are faithfully implemented.'
British Airways' second quarter pre-tax profits have increased to £245 million ($383 million) compared to a profit of just $5 million for the same period in 2001, which was badly affected by the fall-out of 11 September. Interim pre-tax profits have increased to £310 million for the six months from April to September 2002, compared to £45 million last year. The airline expects to return to profitability this year, after making a pre-tax loss of £200 million for the full year last year and an operating loss of £30 million. BA's second quarter operating profit increased from £72 million last year to £248 million, and first half operating profit was £406 million, compared to £284 million last year. The airline's capacity cuts have yielded a 10.1% reduction in available seat-km during the quarter, while traffic (revenue passenger-km) was down 6.8%. Load factor increased 2.8% to 76.7%. Revenue fell 6.5% in the second quarter to £2.1 billion, and was down 8% for the first half at £4.15 billion. With the airline's recovery being cost rather than revenue driven, its cost reduction programme has seen operating expenditure down 15% in the second quarter at £1.85 billion.