Those concessions represented over one third of the wages but only 2.5% of the resulting profits This doesn't seem to make sense. It's a VERY rare industry th

Those concessions represented over one third of the wages but only 2.5% of the resulting profits This doesn't seem to make sense. It's a VERY rare industry that has labor costs as little as 7.5% of profits. Very few are even as low as 7.5% of revenues, and those are high automation businesses. (Think software, not automotives) All that said, this article quotes "After tax" profits. Given how much tax avoidance is happening at big companies, I think it would be interesting to see pre-tax profits too. How much of this is coming from tax loopholes, in addition to squeezing workers?