There has to be more to it. EK are indirectly suffering the pinch from the Southerly brethren. More unrestricted cash in rough times...
No cheap acft anymore (A380s) UFN and the alternative (A346s, A345s B772s and B773s) do not replace it. No capacity = no growth. No (other) cheap alternative to be competitive due to probably no ca$h. probably, never thought things would get this bad (Airbus).
They have got to reinvent themselves and I think they may now a golden opportunity to instead themselves instead of trying to match EY's and QR's continued but unsustainable growth.
EK have to shore up their foundations now and here is the opportunity. 2 to 3 years will be enough to gain speed again and be more commercially rational instead of trying to match EY's or QR's unrealistic growth.