QANTAS – Australia’s national carrier has announced a 27 per cent drop in net freight revenues.
Underlying earnings from Qantas Freight before interest and taxes (EBIT) was US$47m, down US$17m compared with the prior 12 months, a fall of 27 per cent.
According to Qantas’s Review of Operations freight revenues - ahead of costs - were US$821m down from US$882m a more modest fall of seven per cent.
A Qantas spokesman says: “The result reflects a broader downturn in global airfreight markets, plus adverse fuel price and foreign exchange impacts that were only partially offset by yield improvements.”
The freight figures reflected a group performance, which made a loss after taxes of US$255m – figures blamed on a poor domestic market and strikes.