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Qantas Earnings (Jetconnect)

Old 26th May 2011, 10:36
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Qantas Earnings (Jetconnect)

Sorry to start another Qantas thread

But does anyone know where Jetconnect Earnings and costs are burried in the Qantas Annual report. I've had a quick poke through it but I can't find it anywhere. Is it included as part of the Qantas earnings like Qlink. If so does that mean that Domestic, International, Qlink and Jetconnect only made $67m?

Or is the loss from International that great? They seem to be flaunting Jetstar results so if the other Jet is so good for them why aren't they showing them off?

Actually sorry for any confusion but this thread doesn't involve Qantas at all because clearly Jetconnect is a wholly owned independant operation and its own management and an NZ bank account.
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Old 26th May 2011, 10:47
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Qantas pays all of jetconnects wages and expenses, plus a margin of 12%. This 12% is paid back to Qantas as a 'profit'. Last year that figure was $67m. Good luck finding that in their annual report...
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Old 26th May 2011, 11:01
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As it is a separate wholly owned subsidiary of Qantas it has it's own bank accounts and CFO.

Just browse newzealand business website.

Here is the latest financial statement for Jetconnect

http://www.business.govt.nz/companie...3BDF3EA915EE62

You'll find all you need to know.

Cheers
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Old 26th May 2011, 11:45
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The total expenditure for 2010 was $67,077,233.00 isn't that amazing, it is the same amount as the dividend paid to Qantas.

Since when is a dividend counted as expenditure, particularly as it is broken down to staff/manpower and Aircraft operating variable.

Apparently their aircraft require no fuel. And their staff make up over 50% of expenditure whilst Qantas staff make up less than 25%.

Are you Qantas execs really this stupid? Or do you think we are?

Last edited by speeeedy; 26th May 2011 at 12:32.
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Old 26th May 2011, 12:06
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Under oath at FWA the CEO admitted he did not know if there was a bank account and he said the profit was a "book entry"...Salaries paid from Australia so how could it be separate....BTW Oliver tells us it is a wholly owned subsidiary...so what is then?
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Old 26th May 2011, 12:23
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Jetconnect is nothing more than a labour hire company,
set up by our esteemed board of directors as an experimental model
to outsource and offshore all our positions.
A complete scam on the Australian workforce. Oops, we fell for it.

Last edited by division1; 26th May 2011 at 13:11. Reason: stating the obvious
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Old 26th May 2011, 20:56
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Jetconnect was set up by Qantas 10 years ago when Ansett NZ went bust. Qantas mainline 737 pilots jumped at the chance for a NZ holiday secondment.
It was then expanded to operate as NZ's second main trunk airline. It was a profitable domestic airline with a mix of Aussies and kiwi pilots, mostly Aussies. In 2007 most of the Aussie pilots left to joined Pacific Blue. Jetconnect nearly went under, two very senior Qantas current A380 captains were given the task as CEO and Cheif pilot to sort it out and stabilize the business.

In 2009 a profitable domestic Jetconnect airline was pushed out by Jetstar (familiar tune) and put on to Tasman routes. this happened while the two current mainline A380 Captains were in charge.

Paul Daff the current CEO started with the company around 2010, he is not the CFO so would assume not have much to do with the accounts.

Jetconnect is NOT a labour hire entity as many of you may think. Jetconnect is infact an enemy of your own making. Built by Qantas mainline and maintained by Qantas mainline.

If you look closely at the financial reports you will see money in bank accounts. There was also quite a healthy deposit made to Jetstar when the NZ domestic operations were handed over.

I know this is a rumor network but we need to get the facts right before charging in with "it's a labor hire company set up to take work off Australians" Did the unions tell you that people. Do you not do your own research when people tell you stories?
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Old 26th May 2011, 21:22
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The 2 mainline A380 Captains that went over to save Jetconnect were ex Australian Airlines (AO) holding the same positions in AO. So let's be clear that these were management pilots with a management agenda going over there.
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Old 26th May 2011, 21:22
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Qantas mainline 737 pilots jumped at the chance for a NZ holiday secondment.
No, Qantas mainline 737 pilots operated trans-Tasman and domestic NZ flights as a normal part of patterns of flying originating in their home base.

Jetconnect is NOT a labour hire entity as many of you may think.
Yes, it is. Financial report page 5: "The principal activity of the Company during the year was the employment and on-hire of cabin and technical crew to operate commercial aircraft flights for Tran-Tasman flying." (my bold)

Jetconnect do not operate the flights - Qantas does. Jetconnect provides the crew and the administration of the local AOC. Qantas provides the training, flight planning, aircrew rostering, sells the tickets, you name it. That's not an "airline". That's a labour hire company.

If you look closely at the financial reports you will see money in bank accounts. There was also quite a healthy deposit made to Jetstar when the NZ domestic operations were handed over.
No, you can't. The financial reports make no reference to bank accounts. The financial reports, in fact, go out of their way to point out that they do not need to report any cash flow details at all. Financial report page 5: "The Company qualifies for differential reporting exemptions as it is not publicly accountable and there is no separation between the owners and the governing body. The Company has taken advantage of all available differential reporting exemptions, including not preparing a Statement of Cash Flows." (my bold)

This statement actually says a lot. It is nothing more than a labour hire company completely controlled by it's parent. It is not an independent wholly-owned subsidiary airline as they would like us to think.

The numbers on the balance sheet are notional numbers created by accountants that have no bearing on the profit or loss of the "airline" if, indeed, it were an "airline".
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Old 26th May 2011, 21:39
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Thumbs up

No Qantas mainline 737 pilots operated trans-Tasman and domestic NZ flights as a normal part of patterns of flying originating in their home base.
Better do you homework there fella, perhaps ask your union reps, you might get a nasty surprise.

Oh well, so it has been a "LABOUR HIRE" company as you desperately cling to. A Labour hire company that was set up by Qantas ten years ago in New Zealand running domestic routes having nothing to do with Australia other than Australian pilots flying the aircraft and yes Qantas mainline B737 pilots doing secondment flying. Check your facts mate. Also there was two mainline captains working for Jetconnect as little as three years ago.

Looks like this little NZ holiday for the boys is coming back to bite you in the ass!

I Just love carma, it's classic how the Mighty Qantas pilots can fly anywhere in the world and take everyone else's flying but when the shoes on the other foot! Ain't the truth a bummer.

No matter how hard you complain about the current situation, you blokes designed it!
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Old 26th May 2011, 22:08
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Hold your head up high mate. Be proud of your career progression. Well done. But every time you put on the uniform remember you are a fraud.
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Old 26th May 2011, 22:35
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Well if it walks like a duck, flies like a duck, talks like a duck, gets trained by the other ducks and follows the other ducks SOP's, wears the ducks feathers but gets paid 40% less then ain't that a duck! Or maybe a goose, quack!! Sorry I mean honk!
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Old 26th May 2011, 22:48
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You have quoted me and removed a comma, thus completely changing the quote.
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Old 26th May 2011, 23:15
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I better sign off as I'm obviously ruffling some feathers, honk
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Old 26th May 2011, 23:22
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Thanks for your reply

Where would the profit from jetconnect and cobham for that matter be shown in the Qantas report?

Also wheres fuel being accounted for in Jetconnect expenditure?

Maybe they fly special 737s from Boeing that don't need fuel.
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Old 26th May 2011, 23:36
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What a difference a comma makes

Fruet, your selected quoting and editing of that quote shows you to be the same sort of spin merchant as those who head up Qantas. If you have to resort to those sorts of tactics to put your point across then you're morally bankrupt.
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Old 26th May 2011, 23:54
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Jesus tough crowd! Because I missed a comma whilst cut and pasting on my I phone with my fat thumb? Call the cops! Obviously people on here don't like hearing the truth!!??
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Old 27th May 2011, 00:21
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Fruet, isn't it true that JetConnect commenced ops in October 2002 after the demise of Tasman Pacific Airlines, a Qantas franchise operating as 'Qantas NZ'. TPA (Qantas NZ) was created after the demise of Ansett NZ and operated a similar service. You seem to have forgotten that Qantas mainline only sent pilots and aircraft to allow the airline to continue until it was able to reestablish itself, and should not been seen as interlopers who stole 'flying'. To the contrary of your argument QF mainline pilots have not stolen anybody elses flying, however the opposite is the case whereby jobs are heading overseas to 'cheaper foreign' options.
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Old 27th May 2011, 00:40
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Yes all correct and as I quoted. Sorry to say about the whole Qantas guys stealing flying, not so obviously, just helping I guess to establish the airline in it's current form.
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Old 27th May 2011, 00:46
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Qantas did NOT start up Jetconnect.
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