"It was a very positive quarter for all divisions, there was very consistent profitability," said a Goldman partner who declined to be identified.

The airline, with its no-frills aproach and consistent profitability, began losing money.

The move is part of a wider effort to return The Journal to consistent profitability.

Emirates has built up a strong brand name as a leader in the aviation industry, particularly in terms of service excellence, and its very rapid growth, coupled with consistent profitability.

What particularly attracted Fleet to Quick, Mr. Murray said, was its consistent profitability, producing good volumes and profits in both good and bad markets.

JetBlue cites the example set by Southwest, whose consistent profitability belies the idea that low-fare companies cannot make money.

Wells Fargo has a strong revenue base, he said, and its business and geographic diversification have provided consistent profitability.

For its first three decades, that formula propelled it to consistent profitability, even as bigger airlines stumbled and smaller ones sputtered and spun out of business.

Insignia has shown consistent profitability for the last five quarters and in calendar 1991 had sales of $14.5m - £8m, an 80% increase over the previous year.

The statement continued, "Although The News is ahead of its 1991 business goals, the paper requires a continuing short-term investment of funds to continue operations and achieve consistent profitability.