Qantas profit plunges 88pc to $117 million for 2008-09, misses market forecast

[KeithMEL]

Hmm i thought they're in the red, but maybe that's only for the 2009 quarters.

http://www.theaustralian.news.com.au...-23349,00.html

QANTAS Airways posted a worse-than-expected 88 per cent fall in net profit today and warned the outlook remained volatile.


Net profit for the year to June 30 plunged to $117 million from $969m a year earlier, missing forecasts of around $131.5m, according to a survey of six analysts by Thomson Reuters.

Australia's largest airline by revenue and passengers carried said profit before tax fell 87 per cent to $181m from $1.41bn. Qantas had said in April that it expected this measure to be between $100m and $200m.

The airline said that passenger volumes appeared to have improved and yields have stabilised at the levels experienced in the second half of fiscal 2009.

But high levels of volatility in the economic outlook, industry capacity, passenger demand, fuel prices and exchange rates means it is not possible to provide any profit forecast for this year.

They'd also aim to cut costs by $1.5b ("Q Future").

http://news.theage.com.au/breaking-n...0819-epjf.html

National carrier Qantas Airways Ltd says it will aim to cut costs by $1.5 billion over the next three years, starting with a target of $500 million in the current financial year.

[ycp81]

"Qantas posted a net profit after tax of A$117 million (US$96.6 million) for the year to June 30, compared to A$969 million a year earlier. It recorded a loss of A$93 million in the six months to June. "