12 December 2022, etc.venues Monument, London
Business Travel Show Europe, presented by The BTN
21 November, London Hilton Metropole
High fuel costs hit first half results
Qantas has blamed a 66% fall in first half profits on high fuel costs, a decline in global travel and a weakened Australian dollar.
The Australian flag carrier, reported to have placed its shares "in a trading hold" yesterday, said it plans to raise A$500m (€252m) through a "share placement" to reduce debt and fund fleet renewal.
Qantas said its profits after tax fell to A$210m (€105.9m) for the six months to December 31, down from A$618m (€311.5m) the previous year, but confirmed profits before tax for the full year would be around A$500m (€252m).
Qantas recently lowered its full year profit forecast by 65% having reduced capacity equivalent to grounding 10 planes and shed 1,500 jobs, according to reports.
But Qantas stressed its "strong liquidity" in a statement to the Australian market last November with A$2.5bn (€1.237bn) in cash and A$1bn (€495m) in underwritten financial facilities.
Merger talks between British Airways and Qantas were abandoned last year after the two airlines failed to agree on which would hold the majority shareholding.
But Qantas' ceo Alan Joyce said on Tuesday the airline, while not actively engaged in talks, was open to merger opportunities in Asia.
Mr Joyce told a meeting of the oneworld alliance in Madrid his airline was "always looking at opportunities in Asia and the region."