Australia's Qantas FY net profit rises 50 pct, to buy back shares |
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Published
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Thu, 16 Aug 2007 01:56
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SYDNEY (Thomson Financial) - Australian flag carrier Qantas Airways Ltd said Thursday its next profit for the year ended June surged to a record 719.4 million Australian dollars from 480.0 million dollars a year earlier on robust passenger demand.But the figure was still lower than the market's consensus forecast of 766 million dollars.Revenue was up 11 percent to 15.2 billion dollars.Qantas said the profit includes a provision of 47 million dollars, announced earlier, against liabilities the airline may incur in the US for involvement in an alleged freight cartel.Pretax profit was 1.03 billion dollars.The airline has declared a final dividend of 15 cents, up from the 11 cents paid a year ago.Qantas also said it will buy back about 10 percent of its shares amounting to capital reduction of over 1 billion dollars.'The first six weeks of 2007/2008 (current financial year) have been very strong for all our flying businesses and forward bookings are equally buoyant through to the end of the calendar year. Subject to no major deterioration in market conditions...we are currently expecting to be around 30 percent higher than the 2006/07 profit before tax result,' it said in a statement.(1 US dollar = 1.22 Australian dollars)yuinmunn.szetoh@thomson.comys/msCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Australia's Qantas says former Rio Tinto CEO Leigh Clifford to be new chairman 