Qantas report record profits
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Qantas has announced record profit of AU$969 million (US$847 million) for the full year ending 30 June 2008. The gains represent a 44% rise from the previous 12-month period. However Qantas CEO Geoff Dixon said that the performance was due to a strong first three quarters, and that the airline was beginning to feel the bite of higher fuel costs and slowing global economy in the final quarter. Dixon predicted that the airline’s fuel costs will rise by AU$1.6 billion (US$1.4 billion) in the current financial year.
“The rapid rise in fuel costs since December last year is unprecedented and the impact has been felt across the aviation industry and the world economy,” Dixon said.
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