Qantas have reported losses of 87 per cent on their full-year profits as of the end of June this year. That equates to AUS $181 million losses reasons for which have been cited as industrial action, the economic downturn, A380 introduction costs and also the Swine Flu pandemic.

The CEO of Qantas, Alan Joyce, is quoted to have said that despite the credit crunch:

“the diversity of the Qantas Group’s operations had contributed to it being one of the few airline operators worldwide to produce a full-year profit”

He went on to say that the 2008/09 financial year was a year of two contrasting halves for the airline with the initial half being largely favourable with high demand and a good operating environment. However commenting about the latter end of the year Joyce said:

“During the second half, the environment deteriorated, with domestic and international competitor capacity continuing to grow and demand in key markets softening quickly as the global slowdown hit. This was compounded by one-off events during the year, including protracted industrial action, H1N1 influenza and the costs associated with introducing the new Qantas A380.”

The profits had slumped to AUS$181 million from the previous year’s AUS $1,408 million. Demand for both business travel and domestic flights were to blame.

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