SYDNEY —

Australia’s Qantas Airways said Wednesday its net profit during the last fiscal year that ended June 30 dived 87.3 percent to A$123 million (U.S.$101 million), compared unfavorably with the previous fiscal year’s record net profit after tax of A$970 million. But Qantas Chief Executive Officer Alan Joyce said the airline was one of the few operators worldwide to see a full-year profit amid the recent global economic downturn.
 
Joyce said the diversity of the organization—which consists of Qantas and budget airline Jetstar—was a key factor in determining the airline’s financial viability. While Qantas remains the center of the company’s operations, Jetstar ‘‘had a record year in a deteriorating market environment, delivering improved profitability while increasing capacity by 14.4%,’’ Joyce said.
   
Low-cost carrier Jetstar is also proving profitable in the key Japanese market. ‘‘Jetstar also became the largest airline between Japan and Australia and provided a profit turnaround for the Group in this important market, despite H1N1,’’ Joyce said.

© 2009 Kyodo News. All rights reserved. No reproduction or republication without written permission.

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2 Comments

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  cow76 at 10:11 AM JST - 20th August

  Qantas shares were about $1.60 in March. Now they are $2.80. So it's not all bad news, especially not for the people who snapped up the shares at bargain prices.

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  chinpira at 10:21 AM JST - 20th August

  Dear Qantas/Jetstar,

  Please re-commence direct flights from Tokyo - Melbourne.

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