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I don't know much about US airlines but Cathay Pacific made a record breaking profit this year and they aren't even at full capacity https://www.bloomberg.com/news/articles/2024-03-13/cathay-pa...

They must have other problems then because they are doing more poorly than US-based airline stocks:

That's not really how the stock market works. Also Cathay pays profit to its shareholders in the form of dividends.

It was their first profit/dividend since the pandemic:

The COVID restrictions here were only removed last year so that makes sense.