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ouch !!!!...
Qantas has shocked everyone with a record $2.84 billion headline loss, around three times as bad as expected.
It is a vicious negative turn from last financial year's wafer-thin $1 million profit.
However, excluding one-off costs and writedowns, Qantas posted an underlying loss before tax of $646 million, which compares favourably with analyst expectations of around $763 million in a survey of eight analysts by Bloomberg.
The underlying loss reflects the fact that the airline's poor performance is not solely due to writedowns, with its revenue falling 3 per cent to $15.35 billion last financial year, while the carrier also continues to bemoan rising fuel costs - up $253 million to $4.5 billion.
read more: http://www.abc.net.au/news/2014-08-28/qantas-full-year-profit-result/5702266
- By Gus Leonisky at 28 Aug 2014 - 2:34pm
- Gus Leonisky's blog
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will do better "next year" by getting rid of engineers...
"There is no doubt today's numbers are confronting," said the carrier's chief executive officer, Alan Joyce, "but they represent the year that is past."
He added that the airline would return to underlying profit in 2015.
Tough timesThe national flag carrier has said for many months that it has been facing tough competition in both international and domestic markets.
In February, after reporting a heavy financial loss, the firm said it would cut 5,000 jobs. Some 2,500 of those jobs cuts have been completed.
The cuts make up part of the carrier's plans to reduce costs by A$2bn over the next three years.
http://www.bbc.com/news/business-28948855#
alice-in-wonderland .....
Yes Gus.
You'd think that someone would take pity on this prize dill & explain to him that the first thing you have to do to get out of a hole is to stop digging.
You know, less than a decade ago, profit performance & share price were they keys to success for any CEO.
That neither of these measures now counts for anything in the Alice-In-Wonderland world of modern business shows just how corrupt our society has become.
Alan Joyce would probably be a reasonable candidate to replace treasurer & protector of the poor, Joe Hockey?
amazing, john...
Yes, as Qantas hits the tarmac heavily laden with debts that would make a small island country sink on a rising tide in the pacific ocean, the share price of Qantas is hitting the roof ! It's a wonder that the flying kangaroo is not called the digging wombat...!
My apologies to all the wombats out there...
Meanwhile Joyce should trash himself:
...
But the overriding reason for the latest disaster is an incomprehensible decision last year to slug it out with rival Virgin Australia for domestic market share, which has seen record numbers of seats thrown into Australian skies.
Rather than focus on running a profitable business, Joyce and the Qantas board set their sights on market domination.
Muscling up to a rejuvenated Virgin, Joyce vowed that for every extra seat his rival threw into the air, Qantas would put up two.
The result? Fantastic deals for travellers, but a Flying Kangaroo that was swallowing cash faster than a pokie on steroids.
From almost the day he assumed the top job in 2008, Joyce began an industrial relations war under the watchful and approving eye of his chairman.
He complained long and loud about the lousy financial performance of Qantas International, essentially trash talking his own company, an unprecedented step for any chief executive.
read more: http://www.abc.net.au/news/2014-08-28/verrender-what-will-it-take-for-joyce-to-go/5703328
Joyce used to work for Ansett too...