The accounts cover the period when considerable sums of money were flowing Thielert's way to keep the twin stars flying, compounded by alpha in nz going bust, which required more hired aircraft than anticipated. Indeed a large portion of the loss is attributable to ctc nz in the accounts.
That said, if the best they could manage was a fairly sizeable loss (though considerably less than the profit made in the previous year as a group) while times were good, I agree that the figures for the current period must surely be pretty sickening....
