We need to see this in context, it is not a redundancy announcement, it is an annual financial report to shareholders. The company is required by law to divulge any information which may affect its share price.
What we see is a company telling shareholders that the company is in the process of turning a loss making disaster into someting worth investing in. They are no longer pouring shareholders money into a big black hole and have managed to make a small profit but times are tough.
They are getting more bums on seats as the general economy improves but they are still suffering from overcapacity and some routes are still making a loss. This means that they may need to reduce capacity and cut some routes in order to sustain their improvement.
Nothing has yet been decided but shareholders are being warned that there are still tough times ahead and management has the matter in hand.
Small regional airlines everywhere have always been, at best, marginal operations and in this case it appears that they tried to grow too fast.
It is not easy to get it right, aircraft have to be ordered years in advance and by the time they arrived the recession had taken a big bite out of demand.
Only time will tell what actually happens but some capacity reduction looks inevitable.
Watch this space.