HH
yes of course thats true but you cannot cut cut every year as well as improving revenues every year. But that what analysts and some investors demand-airlines are cyclical businesses if you don't understand that don't invest in them. In the early years of a companies life it is possible to have better profits year on year but that is unsustainable unless you look over a longer period of time and measure a companies performance over say 5-7 years .
And yes airlines are businesses and there to make money for their stockholders but they also provide a vital service and if you keep paring away at that service you will end up not making a profit. But I come back to my point that instituitional shareholders and analysts are unrealistic and damaging in demanding more profit every year