| Top 100 Airline Groups by revenue 1998 | ||||||||||||||
| Ranking | Airline Group | Country | Revenues | % change | Change | Op results | Operating margins | Net results $ million | Net margins | Period end | ||||
| 1998 | 1997 | $ million | in US$ | $ million | 1998 | 1997 | 1998 | 1997 | 1998 | 1997 | ||||
| 1 | (1) | AMR Corporation | USA | 19,205.0 | 5.6% | na | 2,338.0 | 12.2% | 10.5% | 1,314.0 | 985.0 | 6.8% | 5.4% | Dec 98 |
| 2 | (2) | UAL Corporation | USA | 17,561.0 | 1.1% | na | 1,478.0 | 8.4% | 7.2% | 821.0 | 949.0 | 4.7% | 5.5% | Dec 98 |
| 3 | (3) | British Airways | UK | 14,742.9 | 3.2% | 3.9% | 1,754.6 | 11.9% | 12.2% | 340.7 | 755.0 | 2.3% | 5.3% | Mar 99 |
| 4 | (4) | Delta Air Lines | USA | 14,402.0 | 3.2% | na | 1,803.0 | 12.5% | 11.7% | 1,078.0 | 934.0 | 7.5% | 6.7% | Dec 98 |
| 5 | (5) | Federal Express | USA | 13,979.0 | 5.5% | na | 871.0 | 6.2% | 6.3% | 459.0 | 421.0 | 3.3% | 3.2% | May 99 |
| 6 | (7) | Lufthansa Group | Germany | 12,874.4 | 4.8% | 2.8% | 1,616.8 | 12.7% | 9.3% | 813.1 | 621.3 | 6.3% | 5.7% | Dec 98 |
| 7 | (6) | Japan Airlines | Japan | 12,240.6 | -1.0% | -5.0% | 256.8 | 2.1% | 2.5% | 209.3 | -512.6 | 1.7% | -4.0% | Mar 99 |
| 8 | (9) | Air France Group | France | 10,226.5 | 1.5% | 3.6% | 300.7 | 2.9% | 4.3% | 280.3 | 314.4 | 2.7% | 3.1% | Mar 99 |
| 9 | (8) | Northwest Airlines | USA | 9,045.0 | -11.5% | na | -191.0 | -2.1% | 11.3% | -286.0 | 596.5 | -3.2% | 5.8% | Dec 98 |
| 10 | (10) | All Nippon Airways | Japan | 8,920.0 | -1.0% | 1.3% | -43.0 | -0.5% | 0.6% | -39.4 | -44.0 | -0.4% | -0.5% | Mar 99 |
| 11 | (11) | US Airways Group | USA | 8,688.0 | 2.0% | na | 1,014.0 | 11.7% | 6.9% | 538.0 | 1,025.0 | 6.2% | 12.0% | Dec 98 |
| 12 | (13) | Continental Airlines | USA | 7,951.0 | 10.2% | na | 770.0 | 9.7% | 8.9% | 383.0 | 385.0 | 4.8% | 5.3% | Dec 98 |
| 13 | (12) | SAirGroup | Switzerland. | 7,794.3 | 7.0% | 7.1% | 483.0 | 6.2% | 6.2% | 249.1 | 223.4 | 3.2% | 3.1% | Dec 98 |
| 14 | (14) | KLM | Netherlands | 6,791.0 | -0.3% | 1.5% | 216.6 | 3.2% | 6.1% | 232.4 | 301.8 | 3.4% | 4.5% | Mar 99 |
| 15 | (15) | Qantas Airways | Australia | 5,520.0 | 3.8% | -10.0% | 394.9 | 7.2% | 5.4% | 206.9 | 197.8 | 3.7% | 3.2% | Jun 98 |
| 16 | (16) | SAS Group | Sweden | 5,155.4 | 5.2% | 1.2% | 372.3 | 7.2% | 6.1% | 356.2 | 292.1 | 6.9% | 5.7% | Dec 98 |
| 17 | (17) | Alitalia Group | Italy | 5,152.1 | 4.2% | 2.2% | 719.6 | 14.0% | 9.6% | 234.8 | 257.2 | 4.6% | 5.1% | Dec 98 |
| 18 | (18) | Singapore Airlines | Singapore | 4,644.9 | 0.9% | -6.9% | 509.1 | 11.0% | 12.9% | 615.6 | 671.2 | 13.3% | 13.4% | Mar 99 |
| 19 | (20) | Iberia Group | Spain | 4,451.1 | 9.1% | 7.0% | 351.2 | 7.9% | 6.6% | 356.0 | 96.4 | 8.0% | 2.3% | Dec 98 |
| 20 | (23) | Southwest Airlines | USA | 4,164.0 | 9.1% | na | 683.6 | 16.4% | 13.7% | 433.4 | 317.8 | 10.4% | 8.3% | Dec 98 |
| 21 | (21) | Air Canada | Canada | 4,001.9 | 6.5% | -0.5% | 97.1 | 2.4% | 6.6% | -10.8 | 308.4 | -0.3% | 7.7% | Dec 98 |
| 22 | (24) | Varig | Brazil | 3,677.0 | 9.7% | 1.9% | 94.8 | 2.6% | 7.6% | -21.9 | 25.8 | -0.6% | 0.7% | Dec 98 |
| 23 | (22) | Cathay Pacific | Hong Kong | 3,445.7 | -12.9% | -12.9% | 51.6 | 1.5% | 7.8% | -70.0 | 218.8 | -2.0% | 5.5% | Dec 98 |
| 24 | (19) | Korean Air | South Korea | 3,283.2 | 7.0% | -28.1% | 219.2 | 6.7% | 8.4% | 212.2 | -423.7 | 6.5% | -9.3% | Dec 98 |
| 25 | (25) | Trans World Airlines | USA | 3,259.1 | -2.1% | na | -65.2 | -2.0% | -0.8% | -120.5 | -110.8 | -3.7% | -3.3% | Dec 98 |
| 26 | (27) | Airborne Express (ABX Air) | USA | 3,074.5 | 5.6% | na | 234.5 | 7.6% | 7.7% | 137.3 | 120.1 | 4.5% | 4.1% | Dec 98 |
| 27 | (28) | Japan Air System | Japan | 2,601.0 | 2.2% | -1.9% | 6.1 | 0.2% | 2.6% | 2.0 | 12.8 | 0.1% | 0.5% | Mar 99 |
| 28 | (26) | Thai Airways International | Thailand | 2,514.2 | 22.9% | -19.4% | 314.3 | 12.5% | 10.6% | 88.1 | 101.8 | 3.5% | 3.3% | Sep 98 |
| 29 | (30) | Saudi Arabian Airlines | Saudi Arabia | 2,500.0 | na | na | na | na | na | na | na | na | na | Dec 98 |
| 30 | (31) | Cintra | Mexico | 2,433.0 | 0.6% | 3.5% | 143.0 | 5.9% | 11.1% | 45.0 | 237.3 | 1.8% | 10.1% | Dec 98 |
| 31 | (36) | Sabena Group | Belgium | 2,392.2 | 20.5% | 18.8% | 73.7 | 3.1% | 0.9% | 21.2 | -70.3 | 0.9% | -3.5% | Dec 98 |
| 32 | (29) | Ansett Holdings | Australia | 2,379.7 | 3.2% | -13.2% | 59.8 | 1.7% | 0.6% | 20.0 | -27.4 | 0.8% | -1.0% | Jun 98 |
| 33 | (33) | Canadian Airlines International | Canada | 2,139.5 | 3.0% | -3.7% | -14.7 | -0.7% | 3.2% | -92.8 | 3.9 | -4.3% | 0.2% | Dec 98 |
| 34 | (32) | LTU International Airways | Germany | 2,081.8 | -5.8% | -11.4% | na | na | na | na | na | na | na | Oct 98 |
| 35 | (38) | America West Holdings | USA | 2,023.3 | 5.0% | na | 209.1 | 10.3% | 8.4% | 108.6 | 75.0 | 5.4% | 3.9% | Dec 98 |
| 36 | (39) | UPS | USA | 1,997.2 | 7.2% | na | 62.0 | 3.1% | 3.0% | 8.0 | 15.3 | 0.4% | 0.8% | Dec 98 |
| 37 | (34) | Malaysia Airlines | Malaysia | 1,928.6 | 6.0% | -13.0% | 295.3 | 15.3% | 17.6% | -179.8 | -80.6 | -9.3% | -3.6% | Mar 99 |
| 38 | (40) | Alaska Airlines | USA | 1,898.0 | 9.1% | na | 211.0 | 11.1% | 8.0% | 124.4 | 72.4 | 6.6% | 4.2% | Dec 98 |
| 39 | (35) | Air New Zealand | New Zealand | 1,825.5 | 5.4% | -10.5% | 76.8 | 4.2% | 5.9% | 85.7 | 104.4 | 4.7% | 5.1% | Jun 98 |
| 40 | (42) | Finnair | Finland | 1,678.2 | 3.4% | 4.2% | 80.6 | 4.8% | 7.1% | 64.9 | 95.5 | 3.9% | 5.9% | Mar 99 |
| 41 | (43) | Austrian Airlines | Austria | 1,653.2 | 5.0% | 3.5% | 86.6 | 5.2% | 2.6% | 15.3 | 10.9 | 0.9% | 0.7% | Dec 98 |
| 42 | (37) | China Airlines | Taiwan | 1,554.9 | -7.1% | -19.9% | -116.9 | -7.5% | 3.3% | -65.6 | 81.6 | -4.2% | 4.2% | Dec 98 |
| 43 | (51) | Virgin Atlantic Airways | UK | 1,546.5 | 20.0% | 24.3% | 191.0 | 12.4% | 9.7% | 116.7 | 79.9 | 7.5% | 6.4% | Apr 98 |
| 44 | (45) | China Southern Airlines | China | 1,425.3 | -7.6% | na | 60.4 | 4.2% | 18.3% | -65.7 | 137.0 | -4.6% | 8.9% | Dec 98 |
| 45 | () | Air China | China | 1,385.5 | na | na | na | na | na | na | na | na | na | Dec 98 |
| 46 | (49) | THY Turkish Airlines | Turkey | 1,354.3 | 73.2% | 0.5% | -23.9 | -1.8% | -1.4% | 20.9 | 18.8 | 1.5% | 1.4% | Dec 98 |
| 47 | (48) | South African Airways | South Africa | 1,317.1 | 20.4% | -2.4% | na | na | na | 8.8 | -51.8 | 0.7% | -3.8% | Mar 99 |
| 48 | (54) | Emirates Group | UAE | 1,315.0 | 8.7% | 8.8% | 131.0 | 10.0% | 11.1% | 117.0 | 101.0 | 8.9% | 8.4% | Mar 99 |
| 49 | (52) | El Al | Israel | 1,300.0 | 6.6% | na | 38.7 | 3.0% | 0.8% | 23.0 | -4.2 | 1.8% | -0.3% | Dec 98 |
| 50 | (50) | EVA Air | Taiwan | 1,285.8 | 11.1% | -4.3% | 161.1 | 12.5% | 18.0% | 2.3 | 30.9 | 0.2% | 2.3% | Dec 98 |
| 51 | (53) | Aer Lingus Group | Ireland | 1,282.4 | 12.4% | 5.5% | 72.2 | 5.6% | 4.9% | 76.4 | -69.6 | 6.0% | -5.7% | Dec 98 |
| 52 | (41) | Vasp Brazilian Airlines | Brazil | 1,217.2 | na | -27.0% | 49.5 | 4.1% | na | -154.4 | 44.8 | -12.7% | 2.7% | Dec 98 |
| 53 | (67) | Pakistan International Airlines | Pakistan | 1,214.8 | 59.8% | 44.2% | 89.51 | 7.4% | -0.2% | 50.1 | -123.4 | 4.1% | -14.7% | Jun 98 |
| 54 | (55) | TAP Air Portugal | Portugal | 1,198.8 | 9.2% | 3.8% | 45.5 | 3.8% | 4.1% | 9.4 | 8.5 | 0.8% | 0.7% | Dec 98 |
| 55 | (57) | DHL Airways | USA | 1,160.0 | 5.5% | na | na | na | na | na | na | na | na | Dec 98 |
| 56 | (46) | Asiana Airlines | South Korea | 1,099.0 | 12.6% | -24.4% | 58.8 | 5.3% | -0.3% | -106.2 | -424.6 | -9.7% | -29.2% | Dec 98 |
| 57 | (62) | Air-India | India | 1,032.8 | 8.7% | 4.0% | -51.9 | -5.0% | -11.7% | -48.7 | -83.5 | -4.7% | -8.4% | Mar 98 |
| 58 | (64) | Indian Airlines | India | 1,014.5 | 21.0% | 15.9% | 76.9 | 7.6% | 5.3% | 13.5 | -3.7 | 1.3% | -0.4% | Mar 98 |
| 59 | (58) | China Eastern Airlines | China | 987.0 | -4.7% | -4.2% | 243.5 | 24.7% | 34.8% | -64.3 | 79.5 | -6.5% | 7.7% | Dec 98 |
| 60 | (60) | Gulf Air | Bahrain | 968.1 | na | -4.0% | 23.7 | 2.4% | 1.6% | 9.6 | 48.1 | 1.0% | 4.8% | Dec 98 |
| 61 | (61) | Aerolineas Argentinas | Argentina | 948.6 | na | -5.0% | 128.7 | 13.6% | -0.6% | -65.8 | 2.8 | -6.9% | 0.3% | Dec 98 |
| 62 | (63) | Egyptair | Egypt | 938.0 | na | -4.6% | na | na | na | na | 74.6 | na | 7.6% | Jun 98 |
| 63 | (59) | Olympic Airways | Greece | 930.9 | 14.1% | na | -94.7 | -10.2% | 4.8% | -132.0 | -25.1 | -14.2% | -2.5% | Dec 98 |
| 64 | (65) | British Midland | UK | 926.1 | 2.9% | 6.3% | na | na | 3.2% | na | 27.8 | na | 3.2% | Dec 98 |
| 65 | (66) | LanChile | Chile | 921.8 | na | 6.6% | 38.1 | 4.1% | 8.1% | 31.0 | 64.1 | 3.4% | 7.4% | Dec 98 |
| 66 | (68) | Amtran | USA | 919.4 | 17.4% | na | 75.4 | 8.2% | 1.7% | 40.1 | 1.6 | 4.4% | 0.2% | Dec 98 |
| 67 | (73) | Iran Air | Iran | 880.8 | 33.3% | 33.3% | -1.8 | -0.2% | 11.6% | 24.4 | 43.2 | 2.8% | 6.5% | Mar 99 |
| 68 | (44) | Garuda Indonesia | Indonesia | 824.8 | 85.1% | -47.3% | -131.5 | -15.9% | -5.2% | -207.3 | -350.9 | -25.1% | -22.4% | Dec 98 |
| 69 | (70) | Braathens | Norway | 824.0 | 18.2% | 18.2% | 66.0 | 8.0% | 13.3% | -2.0 | 25.0 | -0.2% | 3.6% | Dec 98 |
| 70 | (69) | Martinair Holland | Netherlands | 811.2 | 13.4% | na | 69.6 | 8.6% | 6.9% | 28.0 | 16.5 | 3.5% | 2.3% | Dec 98 |
| 71 | (74) | Comair Holdings | USA | 763.3 | 17.2% | na | 204.1 | 26.7% | 24.8% | 132.9 | 102.2 | 17.4% | 15.7% | Mar 99 |
| 72 | (76) | AOM French Airlines | France | 745.9 | 13.0% | 16.4% | na | na | na | na | na | na | na | Dec 98 |
| 73 | (47) | Aeroflot | Russia | 720.0 | 58.9% | -48.9% | 59.3 | 8.2% | 3.5% | 16.4 | 12.6 | 2.3% | 0.9% | Dec 98 |
| 74 | (118) | Kitty Hawk | USA | 714.9 | 186.1% | na | 70.3 | 9.8% | na | 16.6 | 17.9 | 2.3% | 7.2% | Dec 98 |
| 75 | () | TAM Holdings | Brazil | 700.0 | 21.0% | 12.0% | na | na | na | 13.2 | 12.6 | 1.9% | 2.0% | Dec 98 |
| 76 | (75) | Kuwait Airways | Kuwait | 649.0 | 5.9% | na | na | na | na | -92.4 | -36.3 | -14.2% | -5.9% | Jun 98 |
| 77 | (80) | LOT Polish Airlines | Poland | 613.2 | 8.9% | na | na | na | 2.7% | 0.5 | -41.4 | 0.1% | -7.4% | Dec 98 |
| 78 | (71) | Avianca | Colombia | 602.2 | 10.1% | -11.8% | 10.6 | 1.8% | 4.7% | -5.1 | 5.0 | -0.8% | 0.7% | Dec 98 |
| 79 | (86) | Cargolux | Luxembourg | 578.4 | 16.0% | na | 38.5 | 6.7% | 7.4% | 92.0 | 30.7 | 15.9% | 6.4% | Dec 98 |
| 80 | (72) | Transbrasil | Brazil | 575.8 | -21.3% | -15.3% | -141.6 | -24.6% | -7.3% | 165.9 | 68.0 | 28.8% | 10.0% | Dec 98 |
| 81 | (81) | Royal Air Maroc | Morocco | 570.8 | na | 4.5% | 61.6 | 10.8% | na | 36.6 | 31.9 | 6.4% | 5.8% | Oct 98 |
| 82 | (82) | Tunisair | Tunisia | 562.4 | na | 8.0% | 28.9 | 5.1% | 2.1% | 20.5 | 26.9 | 3.6% | 5.2% | Dec 98 |
| 83 | (79) | Nippon Cargo Airlines | Japan | 551.8 | 1.2% | -2.9% | 28.5 | 5.2% | 12.5% | 16.0 | 50.2 | 2.9% | 8.8% | Dec 98 |
| 84 | (78) | Air Europa | Spain | 546.6 | -2.7% | -4.1% | 2.9 | 0.5% | 0.5% | 3.3 | 2.4 | 0.6% | 0.4% | Oct 98 |
| 85 | () | China Southwest Airlines | China | 540.8 | na | na | -12.9 | -2.4% | na | -12.9 | na | -2.4% | na | Dec 98 |
| 86 | (77) | Monarch Airlines | UK | 539.1 | na | -13.8% | 36.4 | 6.7% | 9.0% | 23.2 | 18.1 | 4.3% | 2.9% | Apr 99 |
| 87 | (88) | Air 2000 | UK | 528.0 | 16.1% | 17.5% | 51.9 | 9.8% | 10.4% | 21.0 | 17.5 | 4.0% | 3.9% | Oct 98 |
| 88 | (90) | Premiair | Denmark | 503.3 | 13.9% | 20.9% | -21.9 | -4.3% | -0.2% | 8.3 | -4.7 | 1.6% | -1.1% | Sep 98 |
| 89 | (56) | Philippine Airlines | Philippines | 497.7 | -44.9% | -54.8% | -34.4 | -6.9% | -6.9% | -327.2 | -260.0 | -65.7% | -23.6% | Mar 99 |
| 90 | (91) | Spanair | Spain | 492.4 | 27.4% | 19.3% | 6.7 | 1.4% | 0.1% | 5.5 | 1.1 | 1.1% | 0.3% | Oct 98 |
| 91 | (87) | Tower Air | USA | 483.8 | 4.8% | na | 17.1 | 3.5% | 1.6% | 1.5 | -3.9 | 0.3% | -0.8% | Dec 98 |
| 92 | (85) | Maersk Air | Denmark | 481.3 | -8.5% | -2.4% | 57.3 | 11.9% | 13.7% | 20.4 | 15.9 | 4.2% | 3.2% | Dec 98 |
| 93 | (93) | Air Algerie | Algeria | 440.9 | 10.9% | 9.6% | -37.6 | -8.5% | 3.3% | 6.3 | 5.9 | 1.4% | 1.5% | Dec 98 |
| 94 | (120) | AirTran Holdings | USA | 439.3 | 107.7% | na | -18.6 | -4.2% | -33.9% | -40.8 | -96.7 | -9.3% | -45.7% | Dec 98 |
| 95 | (84) | Air Afrique | Cote d'Ivoire | 431.7 | na | -14.1% | 18.1 | 4.2% | 2.5% | 16.5 | -9.2 | 3.8% | -1.8% | Dec 98 |
| 96 | (92) | Hawaiian Airlines | USA | 426.4 | 5.5% | na | 17.40 | 4.1% | 0.6% | 8.2 | -1.0 | 1.9% | -0.2% | Dec 98 |
| 97 | (83) | Mesa Air Group | USA | 423.5 | -17.1% | na | -44.8 | -10.6% | -10.7% | -53.4 | -48.6 | -12.6% | -9.5% | Sep 98 |
| 98 | (94) | Atlas Air | USA | 422.2 | 5.3% | na | 194.9 | 46.2% | 31.4% | 46.2 | 23.4 | 10.9% | 5.8% | Dec 98 |
| 99 | (95) | ASA Holdings | USA | 409.9 | 6.4% | na | 96.0 | 23.4% | 20.7% | 66.1 | 54.5 | 16.1% | 14.1% | Dec 98 |
| 100 | (101) | Icelandair | Iceland | 402.2 | 14.7% | 19.0% | 6.9 | 1.7% | -2.1% | 2.2 | -4.1 | 0.5% | -1.2% | Dec 98 |
Source: Airline Business
