Hungry Qantas on the prowl
Andrew Carswell in the Adelaide Advertiser this morning says that, fresh from being the hunted, Qantas is to become the hunter as it steps up plans to buy into the burgeoning Asian market.
Qantas CEO Geoff Dixon told the National Aviation Press Club yesterday the airline was looking for Asian acquisitions to expand its business and capitalise on an escalating market.
Already seeing resounding success with its Jetstar Asia operation, Qantas spent $58 million investing in Vietnam’s second-biggest carrier, taking an 18 per cent stake in Pacific Airlines and it hopes to lift that stake to 30 per cent in the next two years.
But Mr Dixon indicated yesterday the Vietnamese splurge was only the beginning of his airline’s plans to grab a greater share of the Asian market – the world’s fastest growing aviation market, adding, “This is a historic opportunity for Qantas.” “We have a small time slot, perhaps three years, to make ourselves an indispensable part of this growth story”.
“We are looking at taking advantage of other attractive openings for growth in Asia, organically, via acquisitions or partnerships, to ensure we merit a chapter in what will be the biggest aviation story of the next 20 years.”
The outlook comes as Qantas increases its international airfares on account of the rising cost of fuel, with the fuel surcharge rising by between $5 and $15 on one-way flights on various routes.
While not drawn on specifics, Mr Dixon highlighted China and India as providing the biggest platter of acquisition opportunities, while pouring water on any possible equity relationship with Air New Zealand.
He signalled Jetstar will be the key vehicle for Asian expansion, working closely with Qantas’ key investment partners, including Pacific Airlines.
Jetstar, to which Mr Dixon single handedly attributes Qantas’ recent success, will also be first to take delivery of the group’s 65 Boeing 787 Dreamliner aircraft.
The unprecedented push for profit overseas comes as a handful of competitors draw their swords at Qantas on key international and domestic routes.
Report by The Mole
John Alwyn-Jones
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