Its rare to see such slippery use of language & selective amnesia to promote a faith, a belief as an "almost certainly truth".
Originally Posted by T-Vasis
I disagree with this on the basis that the Australian franchise makes money. I believe it has since day one.
I believe - nuff said. There is no proof, because the accounts that would enable such proof have not been released. Your statement is a one of faith, not fact. Present evidence other than some vague about profitability statement by CEO's.
Originally Posted by T-Vasis
On all accounts, I understand the franchises are on the upswing... We will see.
Once again, a statement of belief, faith, and untestable, except in hindsight - yet crafted to mold perception today.
Originally Posted by T-Vasis
It must be noted that Qantas is only a shareholder, and has only partly funded these businesses. It is shared risk.
But yet Qantas appears to have all the liabilities. Qantas always seems to providing the capital injections, yet always seems to have its equity diluted. Singapore, Japan & Hong Kong come to mind.
Originally Posted by T-Vasis
And the investment is quite small, relative to the overall CAPEX.
So what you are implying is leverage. That precious seed capital could have been alternatively used for improvement in the mainline brand using the same concept, ie leverage. But that appears not to suit the agenda to effectively offshore the bussiness.
Originally Posted by T-Vasis
Qantas does need to be entrepreneurial at the same time. To invest in revenue opportunities. This is the basis of the franchises. But these a tough businesses, in tough economies. But I think it is right to give it a go. Someone else will. I still believe there is good in this. I think time will deliver. But if they don't, this is not large money lost. Yes it is money - but the payoff could be even bigger for the Group.
Once again faith & belief, trust us it will all work out in the end.
Originally Posted by T-Vasis
Qantas may have been an investor, but I don't believe Qantas has had an active role in transforming the business. I think this has started now. Vietnam is a challenge to do business in. I think it has taken time to get it right, and I think this is now. JP is growing. The fleet has been improved. Synergies are being leveraged. I think you'll see JP go from strength-to-strength.
More bogus information, Qantas had a whole team of executives in running (including operations) in Vietnam beginning around 2007/2008. Two of them were subsequently arrested and it became a major diplomatic incident
Fears for Jetstar execs questioned in Vietnam
Originally Posted by T-Vasis
It is hard to blame Qantas on this. There are politics at play in HKG. This is clear. I again say that Qantas is only an equal shareholder in this investment. Let us hope it gets legs soon.
Can't blame Qantas? Really? Politics and national interest are always at play. CX were only going to do what Qantas did to SQ about the Pacific - fight tooth & claw to preserve their domain. You even had Qantas lobbing politician with "dirt sheets" on the M.E carriers, just prior to signing a deal with one of them (
Olivia Wirth is Qantas's high flyer )
Bottom line is there is a limited amount of capital available as the footings for debt foir the entire business. The choice was made years ago to attempt to offshore the business, rather than invest in the mainline product. That choice is now bearing a bitter fruit. There is no transparency in the public accounts that enables independent validation of
anything other than the Group P&L, it is a black box.
Everything else is an act of faith. I don't want vague statements that could be argued away with changes of definition, I want proper accounts with full footnotes, concrete numbers that have been audited. I will be happy to be shown any documentation that you can point to.