The Qantas share price has slipped to a record low of $1.61 after its credit rating was downgraded from BAA to BAA2 by Moodys Investor Services on Friday. Qantas Airways CEO Alan Joyce said the carrier remains one of the few airlines with an investment grade rating, adding that the carrier has 'taken a number of measures to mitigate commercial pressures, including capacity reductions, reallocation of routes between brands and the recent equity raising of $500 million.' |
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Virgin Blue today reported a $101.4M net loss after tax for the six months to 31 December, with CEO Brett Godfrey saying the result was a 'creditable performance among airlines globally, despite an extremely tough operating environment.' The carrier said its underlying net profit was $60M but the figure was affected by a 'non-recurring $60.6M after tax investment in V Australia' and an $80.8M expense relating to ineffective fuel and currency hedges. Total revenue for the six months was $1.35B, up 11.5% and revenue passenger kilometre rose 12%, while the carrier’s overall load factor fell three points to 80.2%. The carrier said it’s escalated its program to insulate itself against possible further falls in domestic demand, cutting capacity and staff with a further $40M in cost savings planned. |
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Lufthansa Flying High Down Under |
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German flag carrier Lufthansa is very much looking forward to June, when it adds five new weekly Singapore-Munich flights to its Asia-Pacific schedule.
The move will bring extra much-needed capacity for the carrier’s Australian sales, which have been constrained to some extent by tight capacity from Singapore.
The new Munich daylight service will arrive in Europe at 4.00 pm, with easy connectivity across the carrier’s extensive European network.
Lufthansa has been operating here for 45 years, and Australia is the carrier’s largest offline market.
Kai Peters has been Lufthansa GM Australia for about six months, and says the business is going well, with strong demand across all cabins.
He said there’s been amazing local response to the Lufthansa Private Jet service which allows premium customers to effectively charter their own aircraft, but with the backing, reliability and loyalty program of a major carrier.
The Swiss International Airlines operation is also now integrated with that of Lufthansa, with both carriers operating from the same premises in Sydney.
Lufthansa Regional Director Claudia Huegel said both carriers had a “good brand fit” and in the current environment the grouping meant both had more to sell.
“We’re looking for synergies but not forcing them,” she said.
Huegel and Peters said other areas for growth for Lufthansa included China, where new destinations of Nanjing and Sheyang continue Lufthansa’s position as the leading European carrier into the fast growing market.
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