The long-term prognosis for the airline industry remains uncertain, Qantas has warned.
“The global economic outlook remains uncertain and we are yet to see substantial improvements in underlying business conditions,” Chairman Leigh Clifford wrote in the company’s annual report, published today.
Significant capacity increases by Qantas group competitors – some of whom enjoy more favourable tax arrangements – also threaten to impede the airline’s recovery, he added.
Qantas announced in August that its full year net profit had declined 88% to $117 million.
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