Qantas flies into the red
Australian carrier Qantas has gone into the red in the six months to June 30, with a net loss of Aus$9million in the period compared to a net profit of Aus$353million in its first half.
It is the first time the airline has made a loss since it was privatised in 1995. The airline said the Iraq conflict and SARS had “combined to decimate the airline’s profitability in the second half.”
Chief executive Geoff Dixon said: “After a record first half we saw all sections of our business come under severe strain in the second half, with inbound visitors to Australia falling by more than 20 per cent in some months and by up to 45 per cent on some Asian routes.”
In total the airline made a full-year net profit of Aus$344m dollars.
Last week the carrier gave details of a massive restructuring programme which will see the creation of three stand alone business divisions. Commenting on the plan, which is aimed at cutting costs by Aus$1 billion, Mr Dixon said:”Qantas has to develop different and better ways of doing business to meet new challenges such as the increasing number of low cost airlines, Government owned and backed airlines, and airlines under various forms of protection through Government financial support or, in North America, Chapter 11 bankruptcy protection.”
The carrier also revealed that it is to refit all its international aircraft with new seats and interiors.
See our previous story:
15-Aug-2003: Massive changes at Qantas
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