Dream 747
You are not getting the subtlety.
JB's value to his shareholders is not being measured in VA profits (or losses) it is being measured by the fact that he has seemingly sent his only competitor to the wall.
Imagine what his P&L is going to look like in two years time when Qantas is either gone or had to abandon the ludicrous 65% line in the sand in order to chase sustainable yields. It doesn't matter how many assets Al sells to raise cash, he will eventually have to cut capacity and put ticket prices up. That will benefit JB far more than Joyce. Because JB's cost base is lower.
Either way JB and his shareholders would seem to be sitting pretty at present. And don't ever forget, no matter what JB says publicly, he has a deep desire to burn the Qantas board and CEO to the ground.