Different story today for QF, much stiffer competition and a global financial crisis. Back in the 1990s it was just AN with a similar cost structure, now it's Virgin and Tiger with their much leaner operations and efficient work practices.
Metro Man,
neither Tiger nor Virgin are making money, they're are buying market share. I doesn't matter how lean or efficient you are, if you consistently sell below your costs, you will eventually run out of cash.