I recall when Rod Carr first started he got tough with students who were perhaps not academically focused enough by booting them out if they didn't perform. Not sure how many students actually left through that but I guess after the earthquake you at least lose interest from foreign students.
It isn't really that bad - they have taken a major hit in the pocket due to the earthquake (the bulk of the deficit) - after all if they hadn't spent that money then they could not be open for business, and at the end of the day if it wasn't picked up by insurers then I would expect it to be picked up by the government (which is what I hope will still happen)...
And the rest of it was from another one off depreciation.
Your comments almost suggest you read the headline and nothing else! Read the article - it is all justified in there.
The University is a large business, it will have lost a lot of students (hence income), it will have incurred massive extra costs to keep running - to relocate classes and make repairs, it is likely to have lost staff in record numbers either through attrition or through redundancy where dropping student numbers justified it. None of these things (except for the redundancies) were really able to be controlled by them.
It is now going through a phase of rebuilding the student numbers back up but it will take time.