After a recent aggressive restructuring, is Qantas set to be back in profit again?
Given that a number of flag carriers had since gone the way of the dodo as the global fiscal environment got more austere, it can be a refreshing piece of good news that one manages to get back from the brink. Qantas – an acronym for Queensland and Northern Territories Airline Service – Australia’s troubled national carrier manages to get back from the brink with a recent aggressive restructuring and says it is on course to deliver its first pre-tax profits this year in three months to September. The news comes after the airline firm reported a net loss of 2.8 billion Australian dollars (2.6 billion US dollars, 1.6 billion UK £) for the 12 months to June – its biggest annual loss. Back in Wednesday, August 19, 2015, shares in the Sydney-listed airline rose more than 3-percent before midday trading.
Qantas chief executive Alan Joyce made the announcement in Sydney at the company’s annual general meeting. In a report to the Australian Stock Exchange, Mr. Joyce said he could confirm the airline come through the worst. Shareholders were told passenger numbers were up 2.7 percent compared to a year ago. Mr. Joyce also said yields for its international arm had been positive for 6 months in a row. All of which means good news to anyone who owns Qantas stock or whose frequent business trips make them a frequent flyer with a airline firm.