You also need a network with the right aircraft and of course passengers to make a profit. Just look at Air NZ - not bad for an 'end of line carrier' operating within a nation of what? approx 5 million people.
Cannot wait to see the increase in pax fuel levy that AJ will impose due to his inefficient aircraft and the spike in oil prices due to current Iraq and the Middle East implosion - oh yes, QF now hubs through the Middle East....