It's a long time since I studied accountancy, but I think the more inteersting point is the improvement over the year...

Half Year Ended 30-Jun-07 30-Jun-06 % Change
Scheduled Passengers 31,186 20,862 49%
Revenue ($000s) $27,295 $15,711 74%
Operating Loss ($000s) ($31,900) ($29,985) -6%
Loss per share ($2.05) ($3.51) 41%

Operating loss is flat despite the fleet increasing circa. 100% but revenue is (fortunately) going up.

It's sustainable so long as the investors keep believing it's either a sound business model or perhaps ripe for acquisition...