Qantas Sees First Half Profits Fly High

Australias Qantas Airways Ltd announced a stronger than expected profit rise for the first half year yesterday, but warned the fallout from the Asian economic crisis would hit the airline harder in the second half. However, the airline was well positioned to weather the Asian storm and was targeting an improved full year operating profit, driven by further cost cutting, particularly if there was pressure on revenues, Qantas chairman Gary Pemberton said. Qantas, which is 25 per cent owned by British Airways Plc, reported its net profit for the half year to December 31, 1997 rose 9.4 per cent to A$165.8 million (US$111 million) after sales rose 5.6 per cent to A$4.19 billion.