{"id":21853,"date":"2023-09-25T00:07:18","date_gmt":"2023-09-25T00:07:18","guid":{"rendered":"https:\/\/microloannexus.com\/investing\/australias-qantas-flags-hit-from-higher-fuel-prices\/"},"modified":"2023-09-25T00:07:19","modified_gmt":"2023-09-25T00:07:19","slug":"australias-qantas-flags-hit-from-higher-fuel-prices","status":"publish","type":"post","link":"https:\/\/microloannexus.com\/?p=21853","title":{"rendered":"Australia’s Qantas flags hit from higher fuel prices"},"content":{"rendered":"
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\u00a9 Reuters. FILE PHOTO: A ground worker walking near a Qantas plane is seen from the international terminal at Sydney Airport, as countries react to the new coronavirus Omicron variant amid the coronavirus disease (COVID-19) pandemic, in Sydney, Australia, November 2<\/span>
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(Reuters) – Australia’s Qantas Airways said on Monday higher fuel prices were expected to drive its fuel bill higher by about A$200 million ($128.80 million) in the first half of financial year 2024.<\/p>\n

“Fuel prices have increased by around 30% since May 2023, including a 10% spike since August. This is driven by a combination of higher oil prices, higher refiner margins and a lower Australian dollar,” the carrier said in a statement.<\/p>\n

The company expects a further A$50 million impact due to non-fuel-related foreign exchange changes in the first half of the current fiscal year.<\/p>\n

Qantas said it would invest a further A$80 million during fiscal 2024 to address “customer pain points”, as it faces reputational damage after the country’s competition regulator sued it for selling tickets on thousands of already-cancelled flights.<\/p>\n

The carrier said its initiative would include improvements to call centre resourcing, more frequent flyer seats, and a review of longstanding policies for fairness.<\/p>\n

Qantas said the customer-improvement initiative would be funded from its profit. It reported an annual underlying profit before tax of A$2.47 billion for the fiscal year ended June 30, swinging from a loss of A$1.86 billion a year earlier.<\/p>\n

($1 = 1.5528 Australian dollars) <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. FILE PHOTO: A ground worker walking near a Qantas plane is seen from the international terminal at Sydney Airport, as countries react to the new coronavirus Omicron variant amid the coronavirus disease (COVID-19) pandemic, in Sydney, Australia, November 2 (Reuters) – Australia’s Qantas Airways said on Monday higher fuel prices were expected to<\/p>\n","protected":false},"author":1,"featured_media":11796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[49],"tags":[32],"class_list":{"0":"post-21853","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-investing","8":"tag-featured"},"yoast_head":"\nAustralia's Qantas flags hit from higher fuel prices | Micro Loan Nexus<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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