Cosmos were making profit before the woe of Thomas Cook raised its head. In fact, every part of the Monarch Group made a profit last year apart from the airline (the biggest part of the group) which made a loss. Unfortunately, the loss of the airline meant a loss for the group as a whole.
I've heard from a very reliable source that the airline is on target to make the savings it has to this year, the fuel is hedged for the full year (protecting it from steep hikes in prices) and bookings are about where they want them to be. By all accounts, Cosmos is also doing better than ever.
The lucrative MOD work this winter was much needed and has contributed hugely to keeping the business running. Whilst Cosmos is doing well, I don't think it alone is enough to keep the airline running. Even the big two, Thomas Cook and Thomson send aircraft abroad during the winter months because there is insufficient demand from their tour operations at this time.
Monarch needs to source work from places other than Cosmos alone and their chartering division
1st Aviation is there for just that.