Qantas’ mainline flying business has gone from a AUD1.23 billion profit before tax to a AUD77 million loss in the space of 12 months. Were it not for a AUD126 million profit before tax from Jetstar (up 23.5%) and AUD310 million profit from its frequent flyer business (up 142%), the Group would have been deeply in the red. And more of the same is expected. With Qantas mainline losing up to AUD30 million a month, the airline still faces a toxic combination of “high levels of volatility in the economic outlook, industry capacity, passenger demand, fuel prices and exchange rates continue”, making it “not possible to provide any profit guidance”.
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