Top airline Qantas Airways Ltd
(ASX:QAN) has reported a 72% drop in profit for the first half of fiscal 2010 but expects to post profit of between $300 and $400 million for the full year.
Net profit after tax for the six months to December 31, 2009 came to $58 million down from $210 million for the first half of fiscal 2009.
Underlying profit before tax, the company’s key measure of profitability, came to $267 million for the six months.
Revenue fell to $6.9 billion from $8.07 billion recorded in the same period the year before.
CEO Alan Joyce says that while the global aviation industry remains in loss, Qantas has been profitable.
Mr Joyce says according to the IATA, the world’s airlines will record net losses of US$5.6 billion in 2010.
Qantas says subject to no further significant change in market conditions and fuel prices, the company expects underlying profit before tax for the full year ending June 30, 2010 to be in the range of $300 - $400 million.
Qantas recorded profit of $117 million for fiscal 2009.
