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  "documentTitle": "Airline Economic Analysis",
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  "authorName": "Oliver Wyman",
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      "text": "Copyright © 2012 Oliver Wyman",
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      "text": "10. International Operations – The proportion of US network carrier revenue generated by international operations reached a new high—with Latin America having surpassed the Pacific region and growing most rapidly.",
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      "text": "14. Value Carriers Around the World – Value carriers are steadily gaining market share around the world. Oceania has the highest percentage of ASMs provided by value carriers. South America and the Middle East have the lowest percentages.\n15. International Carriers RASK/CASK – Cross-country RASK/CASK comparisons for international carriers are limited by foreign exchange and financial reporting differences. However, our analysis shows the same trends for international carriers as among US carriers. In all regions, the value carriers have lower unit costs than their network carrier rivals. Ryanair and Air Asia have CASKs that are a step lower than even the value carriers in those regions.",
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      "text": "11. Margins – Despite strong cost control, network carriers did not make a profit on their domestic operations, as measured by a comparison of total RASM/CASM, while value carriers did. Network carriers remained slightly profitable because of their international operations.\n12. Break-even Load Factors – Domestic load factors have been steadily increasing, while operating profits have not. With the largest network carriers having load factors in the mid-80s, while the largest value carriers have load factors in the low 80s, future profitability improvements will depend on yield increases or cost reductions, as there is little room for additional load factor growth.\n13. Domestic Capacity Growth – Regional carriers are no longer a growth business. In 2011, regional capacity in ASMs declined even more than network carrier ASMs. Only value carriers eked out a small increase in domestic capacity.",
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