rex now owns all it planes, all 51, page-6

I doubt very much that they will raise equity. Not in their nature. I know that they constantly review their routes and schedules, and will not run unprofitable routes. I think the recent 40% gain in share price is a reflection of their management ability to deal with some very difficult issues.

They don't waste money trying to intimidate their rivals. They are infuriating to their rivals. They won't play games. One of their biggest problems is the very unfriendly bureaucracy in Sydney airport. They have to fight just to keep their slots there.

A good example of how they deal with problems is what happened a few years ago. They were losing pilots to Virgin to the point where it was affecting their services. Their response was to set up their own pilot training school, problem solved.

While Qantas lauds the recent increase in passenger numbers, they don't say that a lot of sales recently are pre-paid, ie. have brought in cash now. But next year those passengers will have to be transported at a loss, (the sale fares are below cost) and without any cash flow in at all. A huge liability.
Rex makes a few dollars on every passenger every flight.