Qantas has delivered a big drop in first-half profit, hurt by staff lay-off and restructuring costs as well as fierce competition on international routes due to lower oil prices.
Net profit fell to $515 million from $688 million a year earlier, hurt largely by staff lay-off and restructuring costs totalling $137 million. It also reflects inclusion in the previous years result the $201 million gain from the Sydney Airport terminal sale.
Underlying profit before tax the airlines preferred financial measure fell 7.5 per cent to $852 million for the six months to December 31, but that is still ahead of the groups guidance range of $800 million to $850 million.
That compares with a record $921 million ove…
Read the full article at: https://thewest.com.au/business/lay-offs-restructuring-costs-dip-into-qantas-profits-ng-b88395438z