Emirates Cans A380 Tasman Flights to Auckland
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A 737-800 burns the same amount fuel per hour, requires the same maintenance and the same spare parts regardless of what rego' son the tail.
Jetconnect's cost savings is mostly Labour, with some added benefit of being Auckland based. No doubt they also stay in cheaper hotels than mainline?
Out of those reduced costs, they have to pay for a separate AOC, separate training department, multiple layers of management and operations, while having a higher turnover of staff increasing training costs.
How much is driven by Labour costs and how much is an industrial threat to keep mainline pilots in check?
Jetconnect's cost savings is mostly Labour, with some added benefit of being Auckland based. No doubt they also stay in cheaper hotels than mainline?
Out of those reduced costs, they have to pay for a separate AOC, separate training department, multiple layers of management and operations, while having a higher turnover of staff increasing training costs.
How much is driven by Labour costs and how much is an industrial threat to keep mainline pilots in check?
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How much is driven by Labour costs and how much is an industrial threat to keep mainline pilots in check?
DAFF No.
BOLTON Who pays the staff
DAFF Qantas effectively
● BOLTON on behalf of Jetconnect?
DAFF Correct, yes.
All expenses met by Qantas, control held by Qantas, payment of staff by Qantas. Rolled into the Consolidated accounts at the whim of management...With no fuel bill, Amazing!
The magic eight ball suspects there is a sole motive for its continuance and it isn't economic!
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Jetconnect Limited and And Controlled Entities Financial Statement 2003
Jetconnect held the investment stake in Air New Zealand taken in 2003. That stake was sold in 2007, leaving it with assets of approx NZ$176 million (2007 financial Statement).
It's latest financial statement (2016) shows assets of only NZ$21 million.
One line of thought is that the continued reason Jetconnect continued to exist was to burn out the capital gain on the 4.99% ANZ stake, thus avoiding repatriating the profit attracting a tax liability. Now that the assets have diminished sufficiently, the reason for its continuation has ceased. Job done. But that is just speculation.
Jetconnect Documents including financial statements
Note 10: Investment in Controlled Entity
During the year, Qantas Investments (NZ) Limited was incorporated and issued 100% of its share capital to Jeconnect Limited for $2. The principle activities of Qantas Investments (NZ) Limited is to hold a loan note which is convertible to a 4.99% stake in Air New Zealand Limited
Note 11: External Investment
On 31 December 2002, the Jetconnect Group acquired a loan note which is convertible to a 4.99 percent stake in Air New Zealand Limited for $98.2 million. The Share price at June 30 2003 was $0.54, which is above the purchase price paid.
During the year, Qantas Investments (NZ) Limited was incorporated and issued 100% of its share capital to Jeconnect Limited for $2. The principle activities of Qantas Investments (NZ) Limited is to hold a loan note which is convertible to a 4.99% stake in Air New Zealand Limited
Note 11: External Investment
On 31 December 2002, the Jetconnect Group acquired a loan note which is convertible to a 4.99 percent stake in Air New Zealand Limited for $98.2 million. The Share price at June 30 2003 was $0.54, which is above the purchase price paid.
It's latest financial statement (2016) shows assets of only NZ$21 million.
One line of thought is that the continued reason Jetconnect continued to exist was to burn out the capital gain on the 4.99% ANZ stake, thus avoiding repatriating the profit attracting a tax liability. Now that the assets have diminished sufficiently, the reason for its continuation has ceased. Job done. But that is just speculation.
Jetconnect Documents including financial statements
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Raison d' etre was tax and financial gain
With a structure not resembling an airline, repatriating funds would attract taxation under the Australian taxation umbrella.
The auditor's opinion was verrry interesting!
One line of thought is that the continued reason Jetconnect continued to exist was to burn out the capital gain on the 4.99% ANZ stake, thus avoiding repatriating the profit attracting a tax liability. Now that the assets have diminished sufficiently, the reason for its continuation has ceased. Job done. But that is just speculation.
The auditor's opinion was verrry interesting!
Last edited by Rated De; 15th Oct 2017 at 07:46.
