Qantas 2003 Annual Report Download - page 12

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page 10
2003 Qantas Annual Report
OUR INTERNATIONAL OPERATIONS
Giovanni Bisignani, Director-General of the International Air
Transport Association, said during the year that international
aviation had been hit by The Four Horsemen Of The Apocalypse
– a world economic slowdown, 9/11, the war in Iraq and SARS.
The international operations of Qantas were not immune from
these global forces.
During the first half of the year, demand rebounded following
9/11. However, from January 2003 onwards, the threat of global
terrorism, the war in Iraq, and SARS all adversely affected
demand for international air travel. Qantas reduced its planned
international flying by up to 20 per cent from April 2003 and
made the extremely difficult decision to suspend its twice weekly
Rome services from September 2003. (Qantas has entered into
a codeshare agreement with oneworld partner Cathay Pacific,
offering four services a week to Rome via Hong Kong, increasing
to five per week from November 2003.)
Earnings before interest and tax for international operations,
including Australian Airlines, totalled $206.9 million, up from
$202.8 million last year. This includes an EBIT loss of
$54.5 million for the second half of the year.
with a reputation for
excellence in engineering
safety
Brisbane, Australia_27º 25‘S 153º 2‘E_2.50 PMMelbourne, Australia_37º 50‘S 145º 0‘E_10.30 AM
page 10
Review
of Operations
and Activities