Certainly the losses in years past were due to CX gambling on fuel prices. No doubt all the other reasons they give are valid, but to a lesser extent. (If you want details look at CX web site, Investors, Accounts or Financial Briefings presentations - everything is there.)
I doubt that Swire was the counterparty. That is the dream of crazy pilots.
However I am worried by the continued reference to strong business class demand. In my case (usually from Manila), ticket prices to HK used to be over $950, now I can get $64X for 3 nights in HK. Before I bought cheapo economy or PY and was upgraded to circa 75% of the time. Now I buy I or D. We both win. If CX try to get clever and push up I/D fares I'll revert to my old pattern and wait for upgrades. Similarly MNL to SIN, but MNL to BKK price has taken off so I fly TG. If CX get the prices right the punters will buy.