Qantas shareholders take cautiously to the skies- AntonyMCurrie
Qantas Airways QF100 flight, which marks the airline's 100th birthday, departs from Sydney Airport to fly over Sydney Harbour in Australia, November 16, 2020. Picture taken November 16, 2020. Gregg Porteous/Destination NSW/Handout via REUTERS
MELBOURNE, Oct 13 - Shareholders have become accustomed to bad news from airlines. So it’s only fitting that Qantas Airways’The $6 billion Australian carrier reckons its underlying pretax profit for the six months to the end of December will be between A$1.2 billion and A$1.3 billion . At the midpoint that’s some A$800 million more than the mean estimate of sell-side analysts, per Eikon, and more than they expected for the full year.
There’s turbulence ahead, though: ticket prices may fall as pandemic-restricted capacity increases; inflation could hamper growth; and Chief Executive Alan Joyce faces criticism over poor customer service and fights with unions about pay and conditions. Some caution is warranted.
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