Harbison and others still fail to realise that there remains a large line entry on the QF balance sheet amortising JQ's start up losses. Added to that the fact is the survival / health of any airline is underpinned by the NAV of the business.
100m is a dissapointing ROI but still it's real revenue - as for the highly acclaimed two brand strategy, I still can't see the coco pops on the shelf next to the home brand version and therefore remain skeptical at AJ's 'leggo' airline model (any crew, any type, anywhere at the lowest cost) which certainly is not something to be embraced, desired or wanted.
Structural change - esp the inefective middle m'ment tiers however might just be a silver lining by default