Qantas går dårlig

Qantas cuts jobs as profits dive

By Hilary Whiteman, CNN

February 16, 2012 -- Updated 0303 GMT (1103 HKT)

Qantas plans at Sydney airport

STORY HIGHLIGHTS

• Qantas net profit falls 83% in six months to end of December
• Industrial action, high fuel prices dragged on profit figure
• Carrier plans to cut capital expenditure to shore up business
• Airline grounded hundreds of flights last October in dispute

Hong Kong (CNN) -- Australian airline Qantas is shedding another 500 jobs as it seeks to cut costs after a massive fall in net profit in the first half of the financial year.
Net profit dived 83% to $45 million (A$42M) in the six months to December due to rising fuel prices and flight cancellations during an industrial dispute in October.
Chief executive Alan Joyce talked up the results, saying the airline's portfolio of businesses had once again shown "resilience in difficult conditions."
"Improvements in operating cash flow, revenue, yield and unit costs, and record results for Jetstar and Qantas Frequent Flyer, helped offset the financial effect on the Group," he said.
Jetstar, the company's low-cost carrier, set a new record for operating earnings before interest and tax of $147 million, up 4% on the previous period. And despite flight disruptions, the airline now counts 8.3 million frequent fliers who are also contributing to profits.