Qantas posts record profit but warns of fuel prices, overcapacity

0 Comments | AFP, August, 2004

SYDNEY (AFP) — Qantas shares fell as an record annual profit result from the Australian flag carrier failed to quell fears about rising oil prices.

Qantas Airways Ltd. reported a record full-year to June net profit of 648.4 million dollars (460.4 million US dollars) but warned rising fuel prices and domestic overcapacity were clouding its outlook.

The result was significantly better than the previous year's profit of 343.5 million dollars but was at the lower end of market expectations.

Analysts said Qantas shares closed down seven cents or 2.10 percent at 3.26 dollars in a positive overall market because of ongoing concerns about oil prices. The airline plunged more than five percent before staging a late rally.

Chief executive Geoff Dixon said fuel...