I bet the freight includes cargo carried in the International pax fleet that supposedly lost $200M. I bet QF FF never paid proper prices for redeemed fares either....
Loss of $200M - ad back the losses due to volcanoes, earthquakes etc PLUS freight PLUS underpaid FF fares PLUS underpaid use of fleet on domestic routes PLUS compensation paid for late delivery of A380/787 orders PLUS JQ underpaying for QF services and international would have made a profit