The real risk to the 'transformed' Qantas lay in the genesis of its so called recovery.
Fuel price falls were $597 million of the turnaround profit, the depreciation change from CGU impairment another $326 million. They were the only substantive changes in expenditure.
With Fuel prices having bottomed in 1QCY16, Qantas with its fleet languishing at a
substantially higher fuel included CASK than competitors runs a very real downside risk that its so called 'transformation' vanishes.
