Qantas shares surged 12 per cent following a bullish quarterly update that predicted half year pre-tax profits to soar ahead of expectations to almost $1.3 billion.Jarden analysts had predicted Qantas would post a pre-tax profit of just half that in the six months to December 31, as the airline said travel demand was far outpacing higher fuel costs and runaway inflation. Qantas shares jumped 12.2 per cent to $5.82 as trading opened – its highest level since June.
“We are performing better than our competition here in Australia. Eight of the last 12 months, Qantas has been ahead of Virgin in on-time performance, and this month we are way ahead of them,” Mr Joyce said. Though airfares must remain high to account for these issues and push Qantas’ improving financial position, Mr Joyce said.
Qantas has been in a desperate fight with unions and workers to accept a 2-year wage freeze, followed by an annual increase of 2 per cent.
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Source: FinancialReview - 🏆 2. / 90 Read more »