Australian flagship airline Qantas Airways Ltd swung to a record first-half profit as appetite for travel grew faster than it could sell seats, but warned sky-high fares would moderate as it and competitors added more flights, sending its shares down 6%.
A crew member walks from a Qantas plane at a domestic terminal at Sydney Airport in Sydney, Australia, November 16, 2020. REUTERS/Loren Elliott/File Photo GLOBAL BUSINESS WEEK AHEADTo add older Airbus planes amid delivery delaysswung to a record first-half profit as appetite for travel grew faster than it could sell seats, but warned sky-high fares would moderate as it and competitors added more flights, sending its shares down 6%.
The so-called "flying kangaroo" also said it was buying back A$500 million of shares as it declared a turnaround from the shock of initial COVID-19 lockdowns when it had cash to survive for just 11 weeks if it had not parked planes and stood down most of its staff without pay. The update reflects the precipice that airlines around the world are facing: raging demand from a population shaking off years of pandemic restriction has jacked up fares and profits, just as increasing mortgage payments, grocery prices and fuel bills start to curb spending power.
It also gives a taste of the market that U.S. private equity firm Bain Capital must navigate if it proceeds with an
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