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    Qantas Second-Half Profit Slumps on Disasters

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    hurricanemaxi
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    Posts : 34
    Join date : 2011-08-10

    Qantas Second-Half Profit Slumps on Disasters

    Post  hurricanemaxi on Wed 24 Aug 2011, 11:18 am

    Qantas Airways Ltd. (QAN), Australia’s biggest airline, suffered an 83 percent slump in second-half profit as natural disasters on three continents slashed travel and outweighed higher fares.

    Net income fell to A$9 million ($9.5 million) in the six months ended June 30 from A$54 million a year earlier. Second- half figures were calculated by subtracting first-half numbers from the A$250 million full-year profit Sydney-based Qantas reported today.

    Earthquakes in Japan and New Zealand, Cyclone Yasi in Australia and a Chilean volcano eruption that belched ash across the Pacific disrupted the carrier’s services in the fiscal second half. The incidents outweighed a gain from a payout by engine-maker Rolls-Royce Holdings Plc and higher airfares following an increase in fuel prices.

    “Conditions are still tough,” said Will Seddon, who helps oversee more than $300 million at White Funds Management in Sydney. “However, as the various efficiency initiatives flow through and market conditions improve the outlook for earnings should also improve.

    The carrier rose 0.3 percent to A$1.545 at 11:32 a.m. in Sydney, after earlier gaining as much as 3.9 percent. It has declined 39 percent this year, the third-worst performer among the 17 stocks in the Bloomberg Asia-Pacific Airlines Index.
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