QF International is profitable on fuel price and (little) depreciation alone. Add in there funding costs and the whole thing falls apart. What happens at QF Domestic at the same time? They don't even have the massive fuel benefit (25-30% of all costs) of switching from 4-engine to 2-engine.
That the board and executive management knew this and failed, when cashflow was in surplus and debt could be sourced cheaply, to do anything other than buy-back shares and having done so, miraculously have a huge number of executive options vest is negligent at best.