Doesn't Cathay fund the lot? If so, who cares if the school makes money off it.
By the way, aren't airlines just money making schemes? Well, mostly they don't make money, but that is their purpose even if they fail at it? Would you want to work for one that doesn't make money?
The question about a cadetship making money for the school really should be about whether they provide good value for the money, not whether they make money. You'll have to decide that for yourself, but I wouldn't touch a non-profitable FTO with a barge pole. There's too much risk they will fold after you pay, but before you finish! Unfortunately, you can't easily tell which ones are losing money or for how long they have been bleeding red ink.