Flying Tiger,
I'd argue that hundreds of millions have been wasted in the past 5 years on failed JQ ventures around Asia. Money that could have been spent on the mainline product, which in turn would have helped the bottom line.
Don't get me wrong, there is a huge amount of inefficiencies in QF and these are being addressed now. What I am suggesting is that the cuts wouldn't need to be nearly as severe had the big wigs kept their eye on the ball from the outset, rather than focusing their attention on Red Q, JQ HKG, JQ Japan etc etc.
I'd argue without the ball and chain affect of these ventures, QF wouldn't have to return anything to profitability...it would already be in the black.