Top airline Qantas Airways Ltd
(ASX:QAN) says total group passenger numbers increased 4.6 per cent in July compared to the same period last year.
The Qantas group consists of; Qantas Domestic, QantasLink, Jetstar Domestic, Qantas International and Jetstar International.
Total domestic yield excluding foreign exchange for the financial year to July 2009 was 12.3 per cent lower compared to the same period last year, with total international yield decreasing 21.4 per cent.
The airline also says it has hedged 80 per cent of its expected fuel requirement in 2009/2010 at a worst-case crude oil price of US$89 per barrel.
On August 19 Qantas announced net profit for the year of $117 million down 88 per cent on the year before and announced plans to cut costs by $1.5 billion over the next three years. Looking back over the past five years, Qantas’ best net profit was in 2008 recording close to $1 billion.
Mineral resource developer Avoca Resources Ltd (ASX:AVO) has reported a $16.3 million loss for the 2009 financial year, a much wider loss than the $1.3 million loss recorded in fiscal 2008.
The result was impacted by a $42.2 million depreciation charge associated with the company transitioning from explorer to producer.
During the year the company’s Higginsville Gold Project transitioned from project development phase to gold production with the first gold pour achieved in July 2008.
Total gold sales revenue of $145.76 million was generated from the sale of 120,861 ounces form the Higginsville Gold Project.
In April Avoca made a takeover offer for Dioro Exploration which it revised a number of times before the final offer closed on August 19.
No dividend has been paid since the end of the previous financial year and no dividend is recommended for the current year. Avoca Resources has posted net losses over the last five years.
Engineering company GRD Ltd (ASX:GRD) has today announced a $5.2 million profit for the six months to June 30 compared to a loss in the first half of 2008.
The company is currently the target of a $106 million takeover by London based AMEC.
The company says the stronger result was achieved despite the uncertainty experienced in the resources sector during the period that negatively impacted on the trading of the core GRD Minproc engineering business.
GRD Minproc recorded a $9.2 million pre-tax profit for the half on revenue of $99 million, down 21 per cent on the same period last year.
CEO Cliff Lawrence says the volatility in market conditions is expected to provide ongoing challenges to GRD Minproc for the remainder of 2009, with 2010 providing a more positive outlook. GRD posted a $62.2 million loss for 2008.
