Qantas suffers profit drop

Qantas today announced a profit before tax of $597.1 million, down $165.7 million – 21.7 per cent on the previous year. Profit after tax was $415.4 million, down $101.9 million or 19.7 per cent.

Chairman Margaret Jackson said: “It is a considerable achievement for Qantas to deliver this significant profit at a time when the global aviation industry is experiencing unprecedented change and many airlines around the world are reporting losses or small profits.”

Chief Executive Officer Geoff Dixon said the result was achieved in a difficult and challenging year.

“In particular, Qantas was affected by significant price discounting in the Australian domestic market that placed pressure on yields, the weakness of the Australian dollar, an overall slowing in the Australian and international economies, and continued high jet fuel prices.”

Qantas said it was obvious that its results for the 2002 financial year would remain under pressure.

See the Qantas website for more details