iscover
Very different financial results on both sides of the Tasman, with Air New Zealand lifting its profit by 156 per cent. sethjaworski
Mixed results
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Short-term pain for Australia’s airlines as they make fundamental change for the future.
Australia’s major airlines are in a period of transition, re-engineering their operations in an effort to cope with mounting cost pressures and a fast-changing aviation landscape. Do their latest financial results provide a clue to progress?
On the surface it appears almost farcical to suggest, as most of the media did, that Qantas’ latest financial results were a significant success. A $6 million after tax profit on $15.9 billion worth of revenue – a pitiful 0.1per cent return – with no payout to shareholders would, in normal circumstances, be enough to send investors stampeding for cover. Add Virgin Australia’s $98.1 million deficit and you would be forgiven for thinking Australia’s airline sector was in dire straits.
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