QANTAS's network is small, and many people want to fly to destinations QANTAS doesn't fly to or orginate from. Name one airline that flies to every destination on the planet. That's why codeshare exists. All airlines use it to be able to get passengers to their destinations. Some destinations can't be justified to fly to. Some sectors would need a Cessna 172 to service them because of the passenger numbers. It makes sense to use a partner airline to carry your passengers.
It's obvious the routes QANTAS flies do make money and lots if it. That's why they have the routes they have. Some are more profitable than others, but they are all making money and not the -$216 Million as claimed.