Top airline Qantas Airways Ltd
(ASX:QAN) has thrown its support behind two employees who have been prevented from leaving Vietnam as authorities conduct an investigation into huge losses Jetstar Pacific made on fuel markets.
According to a report in The Australian CEO Alan Joyce says the joint venture of its budget offshoot Jetstar and Vietnamese airline Pacific Airlines, has incurred losses in the hundreds of millions of dollars from fuel hedging but says that the practice of fuel hedging is common in the airline industry.
Mr Joyce says Qantas believes the two employees have done nothing wrong and that the airline will do whatever is necessary to ensure a speedy resolution.
Qantas acquired 18% of Vietnam’s Pacific Airlines in 2007 and has since increased its stake to 27%, and created a budget airline for the region operating as Jetstar Pacific.
Qantas recorded profit after tax of $117 million for the year to June 30, 2009.
