Joyce Qantas Announcement 2013
Alan Joyce - Qantas Group FY13 Results Announcement
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Summation:
`Looking Forward
Looking to the rest of FY14, we expect that trading conditions will remain challenging – despite a reduced level of capacity growth in the Australian domestic market.
We have seen the Australian dollar record its second largest quarterly fall since the float.
Over the long term, we view the lower dollar as a positive.
It encourages inbound tourism.
And it reduces the cost deficit between Qantas and our competitors.
But in the short term a lower dollar is a challenge, resulting in higher fuel costs –when jet fuel is already a major headwind.
At current market rates we expect underlying fuel costs to be $160 million higher in the first half than in the prior period.
The global outlook is mixed.
The US economy is improving and there are signs of recovery in Europe as well.
At the same time, there is uncertainty over how fast and how sustainable the recovery will be.
In this volatile market, we are focused on the elements we can control.
We are strengthening our domestic business and holding our market share.
The turnaround of Qantas International is on track as we grow its network and reduce its costs.
We continue to build the Jetstar brand in Asia, positioning it for success across the region.
And we are broadening Qantas Loyalty for our frequent flyers.
As we move forward, we will continue to secure the Group’s future through prudent management of costs, capex and debt.
And we will continue to deliver the Qantas Transformation program, making our business more productive and efficient.
There are many challenges ahead, but we have an outstanding aviation business – and we have a clear strategy to build an even stronger Qantas Group.