Qantas Airways Limited
(ASX:QAN) has dumped plans to add a Boeing 747 freighter to its fleet, blaming continued weakness in the international air-cargo market.
The latest figures from the airline also show that while the global air-freight market recorded modest growth in July, cargo demand in the Asia-Pacific region fell 1.4 per cent due to sluggish business activity in China.
Qantas intended to take on the 747 freighter later this year, replacing a contract it has with US air cargo company Atlas Air to lease an older jumbo and crew - known as a wet lease.
But Qantas says it’s decided not to finalise the new lease agreement for the 747 freighter because of softness in the global air-freight market.
Qantas generated a net profit of $6 million in fiscal 2013.
