Qantas Freight and group as a whole struggling but surface express business buoyant
February 16, 2012
Qantas Freight suffered slight falls in revenues and earnings, the airline’s first half results, compared with the previous year’s figures, reveal.
Revenues were down 3 percent to $526 million and earnings before interest and tax fell 7 percent to $38 million, while the load factor also dropped 9 percent.
“The result was driven by the downturn in global and regional freight markets and significant increases in fuel costs,” the group says.
Despite this, it reports “strong results” for its domestic express freight arms, Australian air Express and Star Track Express.
This is based on the renewal of the joint venture agreement with Australia Post and the “successful reconfiguration of the businesses in 2011”.
The group itself recorded what it described as a bottom-line
“total comprehensive income for the period” of $38 million in profits, compared with the previous first half of $114 million.