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No, I doubt that. The Direct Operating Costs are just that; hangaage and Insurance are fixed costs and must be added, on an annual basis, and will be incurred whether the aircraft flies 1 hour or 500. So obviously to reduce the overall cost one needs to fly within reason, as much as possiblel so as to amortize the fixed costs over as many hours as possible.
As a very crude rule of thumb if you cannot fly more than 300 hours per annum, it will usually be more cost-effective to lease an aircraft rather than to own it