Anti Skid
The long haul stuff is where the big dollars are - rates worked in FCU's (freight construction units) based on the US dollar as are passenger fare NUCs (neutral units of currency) also based on the USD.
If EK for instance carries a 100 kg consignment AKL DXB where it is transhipped to NBO on KQ then they receive a percentage of the overall haulage mileage proportionate directly to the mileage they flew. These are big bucks too. All are layed out clearly by IATA in a voluminous tome which used to be used to calculate the rates. I am sure it is all now computerised.
The 100% EK freight is where they could discount, but into their home market, why would they more than 10% at most as SQ is the only other carrier covering the same port pair with a one airline service? Ooops - MH can do that too, but limited and with the dangers associated in an aeroplane change en route - you know - breakfast in Auckland lunch in Singapore, dinner in Dubai - crayfish in Bangkok. That sort of thing.
Long haul = big bucks indeed, and the ability not to have to share the revenue due to an expanding market and port coverage.
Please also remember that QF and AN operated wide bodied equipment as belly load only freighters back of the clock, and may still do so. Freight pays. If you write off the rear locker of an A345 to freight, you would still have enough space for SLF bags even with a full load in the forward and bulk holds. As for bulky freight, volumetric charges are applied and you still get the revenue without the weight - win/win situation at 250kg allotted per cubic metre, even if the consignment is feathers.
That's my 2 bobs worth.
Best regards
EWL