Aerial Perspective: Under Australian Accounting Rules (AASB 8) there is NO requirement to report Route Profitability hence nothing Qantas reports is believable except for total profit and loss, nothing else makes sense and/or is provable! The Singapore alternative has been well and truly taken over by other carriers(BA for one) and 57% of premium QF passengers prefer to go through Asia and guess what they go through the ME. And Keg not once has Qantas reported Jetstar segments separately! No-one has broken the law here, the problem is the regulators (AISC) have never been diligent enough to protect Shareholder's Interests and the words "Misleading and deceptive" have been words to describe behaviour that lead to the Global Financial Crisis but never has it been taken seriously in Australia. Remember only one person went the jail after that debacle and what was worse the banks were asked to "help the US Government" in the recovery, talk about letting the wolves into the henhouse! Facts are QF's total revenue has stagnated around $15 billion for the last 9 years. Shareholder funds are 48% of what they were in 2008. Nothing has been transformed because the business needs a huge amount of capital to be spent on replacing aging fuel-hungry aircraft like the B744 and ultimately the A380. Remember QF ordered the B787, originally the board approved 8 B788s to replace the B767 and 6 for Jetstar and a total of 115 including 65 options in 2005 and mainline will finally get them in 2017. The A330s were "given" back to Qantas to be reconfigured at Qantas' expense and are getting long in the tooth as well. The final share buyback has been completed this month so it will be interesting to see the share price now. Remember QF has spent over $1.5 billion buying back their own shares when they desperately need new aircraft! As for the EK agreement in December 2014 EK decided to give QF 10c in every dollar for QF to carry their passengers with the words "Sue us" if you are not happy. IATA agreements typically allow 27c in the dollar for airlines that carry fellow IATA airline passengers. The original agreement between QF and EK was 18%. No wonder whenever questioned the reply is alway that this is "commercially sensitive".