Carrier sees profits rise by 38% despite Asia crisis

Carrier sees profits rise by 38% despite Asia crisis

QANTAS has exceeded profit forecasts with a 38% increase in performance for the 12 months to June.

The carrier saw net profits jump to £180m despite poor trading in Asia where theregion has been hit by economic problems.

Chairman Gary Pemberton said Qantas achieved good sales, particularly during the second half of the trading period.

He claimed the results were due to improvements in efficiency, suspension of unprofitable Asian routes at the height of the economic crisis, addition of high-yield services and heavy investment in productivity and technology.

Qantas chief executive James Strong added that investments made in new yield management systems and other technologies had also played a role in the improved figures.

He said lower fuel pricesand a healthier Australian economy this year increasedmargins.

Qantas carried 19m passengers during the 12-month period, up slightly from 18.9m compared to the previous year. Overall yields rose 2%.

The airline is to take delivery of four new long-range aircraft by the end of 2000 for use on flights to South Africa, Los Angeles and New York from Sydney.


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