Thump and go, because if we put aside for a second the fact that it isn't a proper company, as the NZ Govt is it's sole remaining major shareholder (since they screwed Singapore). And the NZ govt doesn't really care if it makes money or not, they are going to continue propping it up in some misguided belief that the NZ economy can't cope without it in it's present form. If we put all this aside, then there is no way a normal company could expect the profit levels of one of it's smaller subsidiaries to carry the rest of the non-performing operations or even provide for a dividend that would keep enough of the shareholders happy that major changes wouldn't be inevitable.
I am sure there are plenty of management students doing case studies on Air NZ and I doubt many of them are saying the business can survive in it's present form.
Cloudcutter, Mt Cook is most profitable based on what?