They are operating on a signifanctly higher cost base than Tiger and AirAsia, yet they are forced to charge the same or less to fill seats. They are running SIN-KUL shuttles at 30% capacity after they added 400% capacity to this route late last year.
Even Tiger Singapore had a way below average year but they still managed $4m profit in Q1 FY13 and $5m in Q2.