Australian Airline Qantas Airways (QAN:AX) announced that it annual profit more than doubled on wednesday to 250 Australian dollars ($263 million) but warned investors that the state of the vulnerable economy may prove it difficult for the airline to produce similar earnings going forward.
Alan Joyce, Chief Executive Officer at Qantas, stated that the results are the best since the financial crisis and that it reflects the strength of the airlines portfolio. The company faced several difficulties during the year including natural disasters, underperforming international business and a 28 percent jump in the price of fuel.
Qantas’s International arm, Qantas International, reported a loss of AU$200 on Wednesday. Pretax profit was reported at AU$552 million which beat its 2009/2010 fiscal year results of AU$377 million. The airline has not issued a profit guidance to the 2011/2012 fiscal year as volatility, vulnerable economic conditions as and major changes within the company make it near impossible for the company to judge how it will perform this year.
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