You must understand that "profit" and "loss" are very much a fiction depending on how the accountants choose to do the books. Identifying such opportunities are, I am afraid, part of how I spend my day.
For example, let us say that there are higher taxes on profits in Britain than in Germany. BMI may make a profit, which is then taxed at say 26%, and Lufty get the money left over after this. However if Lufty hit BMI with a "management charge" of £1m a day for the year, BMI make nothing and Lufty make more - which then might only be taxed at 13% in Germany.
This is an (over) simplistic example, but developing it is the sort of thing that an officeful of accountants and tax advisors spend their day working out. Otherwise you don't need them.
How are Lufthansa (Cayman Islands) Ltd, or Lufthansa (Lichtenstein) AG doing ?
Profit is opinion. Cash Flow is fact.