it is clear that when a fleet of 120 aircraft flying 50% of the ASK of QF can only generate 25% of the revenue,
It is very clear that you have no idea, and that you just like to distort and exaggerate the facts to rubbish JQ as much as you can.
If you bother to read the FY18 report, you will see that JQ generated 23% revenue (which contributed to 28% of the profit for the whole QF group) with only 32% of the ASK, and not 50% as you falsely stated. Compare this to QF INTL which made less profit for the group, at only 24%, but flew 45% of the ASK. Your statement actually seems more correct for QF INTL and not JQ.
JQ also have a much better operating margin of 12.2, compared to only 9.2 for QF (DOM and INTL). QF INTL only has an operating margin of 5.8.
Isn't it better business sense to direct towards something with a better operating margin ?