The loads would need to be good as CWL is a relatively low yielding market.
As WWW rightly says airlines do not take out planes from a profitable base to put them somewhere else.
baby's record at CWL suggests its operations there aren't as "fantastic" as Tony Davis says in his statments to the Welsh press.
A significant number of routes have been chopped and changed since the base was established there last year. Some routes have been tried then axed and others have had some serious pruning done to them - GLA, BFS, BGY, JER, CDG etc etc. It's not that disimilar a story at EMA.
When carriers cut capacity they do so to increase yield. Baby's actions would suggest that most of their routes are delivering pretty poor or modest returns out of both CWL and EMA.
It doesn't auger well for when the discounted deal at CWL and the Welsh Assembly money runs out.