So Fed Sec - looking at other premium airlines in the Asia Pac region
Cathay makes a whoppin great loss for 1H
Cathay Pacific reports HK$935m net loss for H1 2012
And Singapore barely makes a profit last quarter
Singapore Airlines Profit Falls 54% as Cargo Loss Triples - Bloomberg
What makes you think Qantas International is making a profit with
- older, more expensive planes
- uncompetitive depreciation rates
- high terminal charges and gate fees at home hiubs
- chunk of costs in AUD which has appreciated
And that's without talking about labour costs.