29 Agustus 2014

[290814.EN.AIR] Qantas Posts US$2.6 Billion Annual Loss - 'Worst is Over,' Says CEO Joyce

AUSTRALIA's flag carrier Qantas has posted an annual net loss of A$2.8 billion (US$2.6 billion), drawn on revenues of A$15.3 million, which declined 3.9 per cent.

Qantas Freight reported a 50 per cent year-on-year decline in operating profit to A$24 million, blamed on the sale of Star Track Express in FY13.

“There is no doubt today’s numbers are confronting, but they represent the year that is past,?said Qantas CEO Alan Joyce.

“We have now come through the worst. With our accelerated Qantas Transformation programme we are already emerging as leaner, more focused and more sustainable," he said.

“There is a clear and significant easing of both international and domestic capacity growth, which will stabilise the revenue environment," he said.

“We expect a rapid improvement in the group’s financial performance ?and a return to profit in the first half of FY15, "subject to factors outside our control? Mr Joyce said.

The group will to sell non-core assets such as airport terminals, property and land holdings. Proceeds will be used to repay debt, said Qantas statement.

"No new Jetstar ventures will be established while the group is focused on transformation," the statement said.

Mr Joyce said the group’s priority now was to push forward with the accelerated Qantas Transformation programme after a positive start.

“After an extremely difficult period, we are focused on building momentum with our turnaround in FY15,?Mr Joyce said.

Some losses were due to challenging air cargo markets, said the company statement, which. added that the integration of Australian Air Express with Qantas Freight is complete and benefits started to flow in the second half.

Much hope is placed on the cost cutting Qantas Transformation programme as well as the stabilising operating environment, as market capacity growth subsides.

The repeal of the costly carbon tax will help, as will keeping fuel costs in line with the first half of FY14. Add to that, the reduced depreciation costs compared with the first half of FY14.

Source : HKSG.

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