Australia's Qantas sees profit rise 44 percent

Qantas Airways Ltd. reported Thursday a 44 percent rise in annual net profit, but acknowledged it is beginning to feel the effect of a slowing economy and higher fuel costs. Australia's largest airline posted a net profit of 969 million Australian dollars (US$847 million) for the year ended June 30, up from A$673 million (US$588 million) the previous year. The result was slightly lower than market forecasts of A$1.02 billion (US$891 million). Sales rose 7.5 percent to A$16.2 billion (US$14.2 billion) from A$15.1 billion (US$13.2 billion) a year ago. The Sydney-based company has implemented a number of measures to combat record jet fuel prices, including increased fares, decreased routes and fuel-hedging. "The rapid rise in fuel costs since December last year is unprecedented and the impact has been felt across the aviation... [read full story]