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Record Qantas Loss Clears the Path for Future Prosperity:
In accounting for $446. 4m in items, Qantas has announced a record net loss of $377. 2m for the year to June 30. The unusually high abnormal items were largely associated with the merger with Australian Airlines, and also a restructure of accounting practices in line with industry practices. Qantas wrote off $282m in costs associated with its purchase and Australian, $44mforthechange in accounting practices, $43. 6m for redundancy packages for 1800 surplus staff, plus currency writeoffs of $24. 5m.
Abnormal items aside, the group posted an at best very modest operating profit of just $32. 9m on revenue of $5. 8bn, the small earnings attributed to a fall in yields resulting from discounting in the first half of ’93, and the depressed economic conditions overseas and within Australia. Costs for the year were $5. 52bn, while interest charges were an additional $225. 9m. It is interesting to note that Qantas paid over $50m during the year in government payroll tax and a further $19m in FBT, around $7m of which was for the newly introduced employee car parking tax.
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