Financial Report Financial reports from the largest companies of the world

Qantas Airways with radical measurements after 72% profit decrease

One of the largest Australian airline Qantas Airways has announced that removes the first class in almost all its routes after taking into account the 72 percent decline in profits. The financial result was lower than even the most skeptical analysts' forecasts. The carrier's net profit for the six months to 31 December 2009 was 58 million Australian dollars (52 million U.S. dollars) in a positive financial result of 210 million Australian dollars a year earlier. The company attributed the profit decline on reduced demand from customers. So Qantas passengers will be able to fly first class only between Australia and London in Singapore, and between Australia and Los Angeles.
The company also announced it will invest 400 million Australian dollars to improve the local entertainment and in flight in nine aircraft.