Qantas dresses its wounds

The worst of its IR issues may be over but the structural issues affecting Qantas have not disappeared, and Alan Joyce must redouble his efforts to address these.

Had it not been for last year’s costly confrontation with three of its unions, today’s Qantas result would have been regarded as impressive in the context in which airlines are now operating.

Instead, Qantas reported a savage decline in statutory earnings, from $241 million to $42 million for the half. On its preferred basis – underlying pre-tax earnings – profit fell $215 million to $202 million.

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