eu01,
Based on your figures and the stepping in of the main shareholder, I would suggest your conclusion is ill judged.
Stelios is looking for a dividend, suggesting a need to protect working capital and cash and play it safe. On that basis and the fact that costs are variable at best and on the increase at worst, revenue streams won't matter a jot.
Orders for vanity, profits for sanity. Cash is King. etc etc.
If working capital is being eroded at EJ, then things are bad. Snippets in the media (BBC) suggest the Board are ambitious and are looking at new routes and customers as well as cost control / cutting to give a better return. Is this is the best use of the hard earn't cash over the years ? Stelios doesn't think so and neither would many of the staff I would suggest (let alone the company FD).
Watch the share price. That will tell you who is going to win this battle. If there were multiple shareholders out their, things would be very interesting indeed.