all correct BUT;
oil revenues are massively down. EA used to get circa £2m a month from the SCS contract irrelevant if flights done. Now its per pax. RL had a captive audience with pilots as there were no jobs but its different now.
the commercial department think of passengers as dog food and are so incompetent they dont realise its their money it needs to survive.
I too were a doomsayer and am surprised they lasted this long.
I do believe with all this and the recent financial losses that the perfect storm is brewing