Alloy,
I agree with some of what you say. But, an extension of your arguement would mean that Britannia seem to have hopeless accountants. Surely, they ought to be able to loose all that profit, just like Monarch do. Or, perhaps they need a dose of BA accountancy - then they would be able to 'loose' hundreds of millions. The profit figures don't tell the whole story, but they are certainly not irrelevent. The CAA website has details of assets, loans to and from subsidiaries, mortgages, cash at bank etc etc if you care to look.