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Qantas Cuts Domestic Flights as Jet Fuel Costs Soar
The airline said jet fuel prices have more than doubled and analysts expect a $400 million to $500 million hit to full-year profit.
- On Tuesday Qantas announced it will cut domestic capacity by around 5 per cent in the later part of the year amid surging fuel prices and global economic uncertainty resulting from the Middle East conflict.
- The airline's fuel bill is forecast to increase by between $600 million and $800 million in the first half of this year as jet fuel prices remain highly volatile following the Middle East conflict.
- Qantas is redeploying capacity to international routes like Paris and Rome while delaying a planned $150 million share buyback and capital expenditures to fortify its balance sheet.
- Flights between Adelaide and Mount Gambier will be indefinitely suspended, with Qantas contacting affected customers to offer alternative travel arrangements or refunds for their bookings.
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Qantas cancels flights as war hits corporate Australia's earnings
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·Sydney, Australia
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Coverage Details
Total News Sources40
Leaning Left8Leaning Right6Center4Last UpdatedBias Distribution45% Left
Bias Distribution
- 45% of the sources lean Left
45% Left
L 45%
C 22%
R 33%
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