Just reported by the SMH. One would think for a change that Dixon would put a stop to the doom and gloom. Perhaps if his attitude over the years was more positive, the shareprice may not have languished the way it has and the market put it where Margaret Jackson now says it should have been? Has there been a hidden agenda?
Qantas on track for 40% profit lift this year
February 8, 2007 - 10:55AM
Qantas has forecast an increase in full year earnings of up to 40 per cent, after posting a slight rise in first half profit.
Net profit for the first half rose just 1.7 per cent on the prior corresponding period to $358.7 million.
The company also declared a special dividend of 15 cents.
Qantas forecast full year fuel costs to be around $600 million higher than the previous full year at about $3.5 billion.
Qantas chief executive, Geoff Dixon, said oil prices remained volatile, with prices a few weeks ago reaching $US50 a barrel, before moving up to the current price of around $US60.
"On current forecasts, we expect our full year fuel costs to be around $3.5 billion, over $660 million higher than the prior full year," Mr Dixon said.
"At these levels, it is imperative we continue to seek efficiencies across all sections of our business," he said.
But the company has again upgraded its guidance for its full year result.
"We believe that the full year result will be around 30 to 40 per cent higher than last year's result subject to fuel costs not increasing significantly, demand continuing to grow and cost reductions not achieved in the first half being realised in the second half."
In December, Qantas upgraded its annual profit guidance, saying it expected its pre-tax profit to rise by between 25 and 30 per cent in 2006/07, on the back of strong trading conditions and lower jet fuel prices.
Qantas reported a pre-tax profit of $671 million for the 2005/06 year, with its net profit falling 30 per cent to $479.5 million after fuel costs soared.