How loyalty programmes are keeping America’s airlines aloft

Y ou might expect America’s most valuable airline to earn its keep flying passengers. But you would be mistaken. In the second quarter of the year Delta Air Lines notched up an operating profit of $2.1bn, comfortably ahead of its domestic rivals. Buried in the financial statements, however, was a more revealing figure. Had it relied solely on revenue from passengers, it would have operated at a loss.

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