Mr Evans said the partnership with Emirates was performing to Qantas' financial expectations in light of a tough international market with an oversupply of capacity.
Expectations of further LOSSES?
It only gets tough in the market place when you know you are "behind the eight ball". That means that your competitors have the edge against you and a competent board, after due diligence, would activate a strategy in quick time to regain what was lost.
Understanding the factors that have gained you your greater share of the market than your competitors in the past is the starting point. Understanding your customers and WHY they like to fly with the airline is a KEY part of this.
It seems to have eluded this board exactly what those factors were, and a failed strategy ensued.
This not news to anyone, but the magnitude of the expected losses IS !
No hope of a recovery when Gareth Evans makes statements such as the quote above.