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Qantas reports reduced annual profit and more job cuts.

AIRLINE INDUSTRY INFORMATION-(C)1997-2006 M2 COMMUNICATIONS LTD

Qantas Airways Ltd has reported a decrease of 30% in its annual profit.

The airline said the decline was due to higher fuel and redundancy costs. Fuel costs increased by 45% to a total of AUD2.8bn, according to Reuters.

Qantas reported that its net profit for the year ended 30 June 2006 fell to AUD479.5m from AUD688.5m for the same period a year earlier.

Separately, Qantas said that it plans to cut more jobs, including more than 1,000 management and support jobs.

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Comment:Qantas reports reduced annual profit and more job cuts.
Publication:Airline Industry Information
Geographic Code:8AUST
Date:Aug 17, 2006
Words:106
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