OK, so the formula for profit = success relies on number of sales, ticket price, load factors and costs with additional peripheral deals from airports and regional administrations and ancillary sales on board.
The arguement on this thread used to be that passenger numbers would fall but we have evidence that numbers of ticket sales are holding good, as are load factors. Costs should be on their way down now that oil is back to $65 a barrel and there's no upward pressure on wages, commercial rents etc. Ryanair fired a very big shot across the bows of any regional governments by pulling out of Valencia last month. So what have you got left? Any evidence that the mean price per seat has fallen significantly?