Break even percentage
The use of a percentage figure means nothing without a dollar figure.
It depends on what the punters paid as to whether 65% is break even or not.
I recall Qantas operating 747 services AKL TSV DRW SIN many years back. These services never paid since the break even point, using the average of fares paid over a period, turned out to be 110%. Don't see too many aircraft operating with seat factors of 110%.
When QF withdrew the services "as uneconomic" the locals condemned the operator in much the same way as the CNS locals are reacting currently to reductions of capacity by QF.
So if you say 65% is break even, then you also have to manage your average fare at a value which matches your break even, or you won't break even.