5th June 2012, 10:11 AM
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Member
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Join Date: Mar 2008
Location: Western Sydney
Posts: 852
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Qantas profit to drop by up to 90 per cent
Quote:
QANTAS Airways expects a fall of up to 91 per cent in its full year underlying profit due to the troubled European economy and soaring fuel costs.
Qantas today said it expected its underlying profit before tax in the year to June 30 to be in the range of $50 million to $100 million.
That would be down from an underlying profit before tax of $552 million in the previous financial year.
"The forecast result reflects the recent deterioration in global aviation operating conditions driven by the European economic crisis, the group's highest ever jet fuel bill, and substantial capacity increases in the domestic market that have reduced yields," Qantas said in a statement.
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YIKES!!!
Source: News.com.au
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