CUTTING COSTS WILL ONLY GET YOU SO FAR IN THIS INDUSTRY. AVIATION IS DISSIMILAR TO MOST OTHER INDUSTRIES IN THAT REGARD.
Actually aviation not all that dissimilar to most other businesses.
I have yet to see a business that truly cost-cut it's way to profitability. When profitability vaporises, it's almost always due to many reasons other than a simple mathematical problem of Income being less than Outgo (when your Upkeep becomes your Downfall). More often, cost cutting leads to the eventual downsizing and ultimate demise of the business.
A lack of profitability is more usually caused by a poor customer value proposition, ineffective sales and marketing, uncompetitive pricing, poor customer service, and inefficient operations.
Aw, snap! Hello?