International outlook looking up, says Qantas
Qantas has reiterated its intention to expand the network of Qantas International, as it reported a 65% reduction in the losses of the troubled flagship operation.
Chief executive Alan Joyce told a media briefing in Sydney that Qantas International has made a "big step forward" in its transformation. Although it recorded an underlying earnings before interest and tax loss of $91m, it was a vast improvement on the $262m deficit in the first half of 2011/12.
"It's not finished, there's a lot more to do," Joyce conceded. "But we're confident we're on track to return to profitability by 2015."
Joyce confirmed the airline is keen to expand its international operations using its option of additional Boeing 787s – not only by growing frequencies on core routes, but with the addition of new destinations.
"We do want to expand our operation into Asia in particular," he said. "We'd love to fly to more destinations in China, love to fly to more destinations in South East Asia and we'd love to expand what we're doing today."
Meanwhile, the financial impact of its proposed tie-up with Emirates, still pending final approval, has yet to be seen with Joyce describing this year as the "transition year".
"Next year we'll see significant improvement on top of what we saw this year," he predicted.
On top of the benefits of the Emirates deal, the airline expects to see uplift on the back of its fleet reconfiguration, recent partnerships, revised Asian network and cost base reductions.
Joyce reported an "overwhelming reaction" since the combined network with Emirates went on sale three weeks ago although pent-up demand is likely to have skewed bookings in the first week.
"But in our second week it was over five times the bookings we achieved the previous year with our codeshare with British Airways," he said.
Markets where the airline has been "traditionally weak" have seen significant upturns, Joyce revealed, with Milan selling 17 times what it sold last year and Barcelona 10 times as much.
London Gatwick, which had not been served by Qantas previously, has become one of its top destinations.
Email the Travel Weekly team at traveldesk@travelweekly.com.au
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