Qantas Airlines Posts 44.1% Profit Increase

Despite uncertain economic times, Australia's Qantas Airlines Thursday announced a full-year profit increase of 44.1 percent.

The Sydney-based airline said net earnings for the 12 months through June came to A$969 million, up from A$672.6 million one year ago. Analysts had forecast a slightly larger profit of $1.02 billion. Pre-tax profits increased 46 percent. Qantas Chairman Leigh Clifford said the airline experienced "excellent" performance across all of its businesses, but is beginning to see the impact of a slowing economy and rising fuel prices, which Clifford said are expected to increase by more than $1.6 billion in the coming fiscal year. Copyright(c) 2008 RealTimeTraders.com, Inc. All Rights Reserved