Mar 01, 2017 09:02 AM EST
Qantas reports a decrease in underlying profit, down 7.5 percent compared with the prior corresponding period but above the guidance range provided in October last year. The results reflected the airline's strong performance in a mixed market with its strategy and ongoing transformation that enables delivering value for shareholders while investing for customers.
In a press release statement on Feb. 23, Qantas reported an underlying profit before tax of $852 million and a statutory profit before tax of $715 million for six months ending in December 2016. All subsidiaries of the Qantas Group were profitable in the half due to the impact of its high levels of capacity growth that affects all major airlines. Qantas International significantly achieved higher margins than the industry average.
The Group met all its objectives and delivered a rolling 12-month return on invested capital of 21.7 percent. Further, a $212 million of transformation benefits were reported in the half making it a total of $1.9 billion since 2014. Qantas is on its way to achieving $2.1 billion by June 2017. "Our transformation program has built a strong, sustainable business that generates returns throughout the economic cycle," Qantas CEO Alan Joyce said. "Our focus is to stay disciplined on capacity, keep downward pressure on costs, and introduce game-changing improvements like the Dreamliner and high-speed Wi-Fi."
Joyce believes that Qantas Groups' domestic operations sets them apart from its competitors, in addition to overcoming pressure from the international market's capacity growth and lower fares and the dedication of its people. Qantas' transformation program has been characterized by disciplined capital investment that focused on creating a world-class experience for customers while maintaining its competitive edge.
Qantas will soon open new lounges in Brisbane Domestic and London Heathrow as well as entry into service of Qantas Boeing 787-9 Dreamliner. It also revealed the Premium Economy experience for the Dreamliner and confirmed successful test flights done during February. This means that Qantas will soon operate its first commercial service with free Wi-Fi in the next weeks to come.
The French luxury group gains full control of the 70-year-old Parisian fashion house Christian Dior in a mammoth deal worth around €12.1 billion.
UK luxury fashion retailer Burberry posts lackluster set of results for its second half following an impressive result in the third quarter, a retail analyst stated.
What seemed like a perfect hacking operation turned out to be a failure as Kaspersky has spotted a mistake on the part of the Lazarus hackers. It found a brief connection that came from North Korea - proving their identity and origin.
A lawsuit has been filed by a Democratic political consultant and Fox News contributor on Monday alleging, among others, that Roger Ailes denied her of a permanent hosting job after she turned down his sexual advances.
South African leader, Jacob Zuma, has sacked finance minister Pravin Gordhan in a move that drove the country's currency down five percent in value. The president calls for a midnight reshuffle in his Treasury members who he felt were disloyal to his political intentions.
The US president has long promoted a change on how foreign businesses should run their operations - and that is to revive American manufacturing. Uniqlo head showed he didn't like being given an ultimatum by Trump.
Cemex, one of the world's largest cement producers, has not participated in the first round of bids that is currently underway but said it is open to providing quotes to supply the raw materials for Trump's promised border wall.
Arket, which means 'sheet of paper' in Swedish, will cater to a modern-day market with products for men, women, children and the home.
Amazon was one of the leaders in keeping online purchases tax-free. As the company moves to offer faster deliveries, it expanded its distribution centers and started collecting sales tax in more states.