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Qantas Cuts Domestic Flights as Jet Fuel Costs Soar
The airline said higher jet fuel costs could lift its first-half fuel bill by up to $800 million and cut profit by $400 million to $500 million.
- On Tuesday Qantas announced it will cut domestic capacity by around 5 per cent in the later part of the year amid surging fuel prices and global economic uncertainty resulting from the Middle East conflict.
- The airline's fuel bill is forecast to increase by between $600 million and $800 million in the first half of this year as jet fuel prices remain highly volatile following the Middle East conflict.
- Qantas is redeploying capacity to international routes like Paris and Rome while delaying a planned $150 million share buyback and capital expenditures to fortify its balance sheet.
- Flights between Adelaide and Mount Gambier will be indefinitely suspended, with Qantas contacting affected customers to offer alternative travel arrangements or refunds for their bookings.
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Qantas cancels flights as war hits corporate Australia's earnings
The ASX edges higher despite fresh warnings from corporate Australia, with Qantas and Westpac flagging the financial impact of the Middle East conflict as cost pressures build. Ricardo Gonçalves unpacks the latest market moves and what they mean for inflation and interest rates, speaking with NAB Chief Economist Sally Auld and LGT Wealth Management CIO Scott Haslem, while new data reveals rental stress has hit record levels. Cotality’s Head of R…
·Sydney, Australia
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Coverage Details
Total News Sources33
Leaning Left7Leaning Right5Center4Last UpdatedBias Distribution44% Left
Bias Distribution
- 44% of the sources lean Left
44% Left
L 44%
C 25%
R 31%
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