This is why people lose money on investments like VAH. VAH was...

This is why people lose money on investments like VAH. VAH was not profitable. It was cash flow positive for the first time since 2012. Their outlook for the coming financial year is that the last year's trend, losing less money than the year before, will continue. Ie, VAH lost $225m in FY16 but only lost $186m in FY17, so hopefully in FY18 VAH will only lose $140m or so.

https://hotcopper.com.au/threads/ann-presentation-fy17-financial-results.3600174/#.WbnSWsig82w

Until management changes then this horse can only ride so far. Defer new capex, minimise opex, leverage depreciation to improve cash flow. Soon, there will be no more water to squeeze from that rock.